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2022 (9) TMI 180 - ITAT DELHIPenalty u/s 271(1)(c) - disallowance of loss on sale of assets - HELD THAT:- There is no dispute that the expenses incurred by the assessee on the rented premises were written off as loss on surrender of the rented property on discontinuance of running business. It is also not in dispute that all the entries were duly recorded in the books of account of the assessee. The ratio laid down by the Hon'ble Supreme Court in the case of Reliance Petro Products [2010 (3) TMI 80 - SUPREME COURT] wherein held rejection of claim would not result in penalty consequences to the appellant, squarely apply on the facts of the case in hand - The penalty is therefore not sustainable and is deleted - Decided in favour of assessee.
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