2015 (7) TMI 295

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..... suppressed any fact or that the respondent misled the authorities. It was a legal contention. In these circumstances, the Tribunal’s reliance upon the judgement of the Supreme Court in CIT Vs Reliance Petroproducts Pvt. Ltd., [2010 (3) TMI 80 - SUPREME COURT] was well founded. Decided against revenue. - ITA-29-2015 (O&M) - - - Dated:- 5-5-2015 - S.J. VAZIFDAR AND G.S. SANDHAWALIA, JJ. For T .....

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..... contending that it was a revenue expense. The quantum proceedings, we are informed, have attained finality and have been decided against the respondent/assessee. It has been held that the same was a capital expense. We would presume that to be so. The Tribunal has, however, agreed with the CIT (Appeals) that the penalty ought not to be imposed for there does not appear to have been any concealmen .....

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..... bunal had several years later held in favour of the revenue holding that the expenses must be held to be on capital account. This was the basis of a judgement of the Supreme Court which was rendered subsequently. Thus, though the quantum appeal has been decided against the respondent, there is nothing to indicate that the respondent suppressed any fact or that the respondent misled the authorities .....

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