Delhi ITAT Deletes Penalty on Deemed Rent Addition as Issue is Debatable

Mahagun (India) Pvt. Ltd. Vs ACIT (ITAT Delhi) Delhi ITAT Deletes Penalty on “Deemed Rent” Addition – Issue Held Debatable; No Concealment Penalty Sustainable In a relief to the assessee, the Delhi ITAT deleted penalty levied u/s 271(1)(c) in the case of Mahagun (India) Pvt. Ltd. for AY 2013-14 relating to addition of deemed rental income. The Tribunal noted that the assessee relied upon the Delhi High Court ruling in PCIT vs. Ansal Properties and Infrastructure Ltd., wherein it was held that the issue was debatable at the relevant point of time. Since the underlying legal position i...