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2023 (9) TMI 1316 - ITAT AHMEDABADLevy of penalty u/s. 271(1)(c) - additions made on account of Amortized value of Leasehold Land and Depreciation claimed on “Right to use” Leasehold Land - HELD THAT:- Jurisdictional High Court in case of Sun Pharmaceuticals Ind. Ltd. [2009 (3) TMI 587 - GUJARAT HIGH COURT] have held that such expenditure on right to use leasehold land are allowable as revenue expenditure, which means such issue is also highly debatable and therefore no penalty u/s 271(1)(c) can be levied on it. We have no hesitation in confirming the order passed by the Ld. CIT(A). Thus the grounds raised by the Revenue is devoid of merits and the same is hereby dismissed.
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