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2023 (7) TMI 606 - ITAT KOLKATAPenalty u/s. 271(1)(c) - nature of the expenses which has been claimed by the assessee as to revenue or capital - HELD THAT:- There is no new asset which has been created giving benefit of enduring nature. It is a case where the claim of the assessee of repairs to machinery and building as revenue expenditure has been characterized as capital in nature by the AO on which the penalty has been imposed u/s. 271(1)(c) of the Act. As relying on case of Reliance Petroproducts Ltd. [2010 (3) TMI 80 - SUPREME COURT] we are inclined to delete the penalty imposed by the ld. AO. Accordingly, grounds taken by the assessee are allowed.
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