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2022 (7) TMI 1149 - ITAT DELHIPenalty u/s 271(1)(c) - disallowances were made on the ground that since the assessee is following project completion method, these expenses cannot be allowed as revenue expenditure and deserve to be capitalized - HELD THAT:- Reliance on the Hon’ble Supreme Court decision in the case of Reliance Petroproducts Pvt. Ltd. (2010 (3) TMI 80 - SUPREME COURT] is germane and duly supports the case of the assessee. The assessee’s claim cannot be said to ex-facie bogus. Hence, denial of the assessee’s claim cannot lead to the rigors of penalty u/s 271(1)(c). Hence, we do not find any infirmity in the order of ld. CIT (A). Appeal by the Revenue stands dismissed.
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