TMI Blog2020 (1) TMI 1481X X X X Extracts X X X X X X X X Extracts X X X X ..... r revenue, does not amount to furnishing of inaccurate of particulars or concealment of income. Therefore, the CIT(A) was right in deleting the penalty. There is no need to interfere with the findings of the CIT(A). The facts are identical in A.Y. 2008-09 as well. Therefore, both the appeals of the revenue are dismissed. - I.T.A. No. 5275/Del/2016 And I.T.A. No. 5276/DEL/2016 - - - Dated:- 14-1-2020 - Ms. Suchitra Kamble, Judicial Member And Shri Prashant Maharishi, Accountant Member Appellant by Shri J. K. Mishra, CIT-D.R. Respondent by Shri K. M. Gupta, Adv. ORDER Per Suchitra Kamble, Jm These two appeals are filed by the Revenue against the order of the Commissioner of Income Tax [Appeals]-5, Delhi dated 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come Tax Act,1961. 2. That on the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in not appreciating that the expenditure incurred on construction of Bus Queue Shelter is actually capital in nature and penalty levied u/s 271(1)(c) was levied on the same and is warranted. 3. That on the facts and circumstances of the case and in law, the Ld. CIT(A) erred in deleting the penalty imposed u/s 271(1)(c), not appreciating the fact that the claim of the assessee in relation to expenditure incurred on construction of Bus Queue Shelter is of capital nature. The assessee too did not press the ground before the Hon ble ITAT, which tantamount to concealment or furnishing of inaccurate particulars of income U/s 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a disallowance of ₹ 3,17,91,180/- on account of pre-commencement expenditure and disallowing the expenditure incurred on construction of BQS for and on behalf of NDMC of ₹ 18,36,62,148/- as capital expenditure as well as pre-commencement expenditure. Assessment for A.Y. 2008-09 was completed vide order dated 27.12.2010 after making disallowance of the expenditure incurred on construction of BQS for and on behalf of NDMC and MMRDA of ₹ 17,95,36,978/- as capital expenditure. The loss was recomputed for A.Y. 2008-09 at ₹ 7,04,15,666/- as against declared loss of ₹ 16,31,76,231/-. Following the completion of the assessments and the orders of the CIT(A) ITAT, the Assessing Officer proceeded to levy the penalties u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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