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ITAT Mumbai: Penalty Not Automatic on Disallowances – Major Relief in Depreciation Expense Claims
Case Law Details
- Case Name
- Quant Transactional Services Private Limited Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Mumbai
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Quant Transactional Services Private Limited Vs DCIT (ITAT Mumbai)
ITAT Mumbai: Penalty Not Automatic on Disallowances – Major Relief in Depreciation Expense Claims
In this case, the ITAT Mumbai dealt with penalties levied under Section 271(1)(c) and Section 270A on disallowance of depreciation and expenses where the assessee had no active business operations.
The Tribunal held a clear distinction between “unsustainable claim” and “false claim”. It observed that mere disallowance of depreciation or expenses does not automatically lead to penalty, especially where all details were dis...
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