Imposition of penalty u/s. 271(1)(c) requires verification of additional evidence hence matter remanded

Kaycee Finstock Pvt Ltd. Vs DCIT (ITAT Mumbai) ITAT Mumbai held that additional evidence demonstrating that no tax advantage accrued to assessee owing to continuous losses needs verification. Accordingly, matter of imposing penalty u/s. 271(1)(c) remanded back. Facts- The assessee company is engaged in business of providing loan against share to clients and funds arranged by refinance from other NBFC. During the assessment proceeding AO found that the assessee company had reduced Rs.4,55,72,663/- from the taxable income on the ground that aforesaid amount represent interest on debenture writte...