Just a moment...
We're migrating from taxmanagementindia.com to taxtmi.com and wish to make this transition convenient for you. We welcome your feedback and suggestions. Please report any errors you encounter so we can address them promptly.
Are you sure you want to delete "My most important" ?
NOTE:
Penalty u/s 271(1)(c) Not Justified for Withdrawing Depreciation; No Automatic Assumption of Income Concealment.
📋More
Levy of penalty u/s 271(1)(c) - mere withdrawal of depreciation by the assessee at the assessment stage itself does not amount to be a valid reason for treating the transaction as non-genuine and for coming to a conclusion that it had concealed income or furnished inaccurate particulars of such income. - AT