Section 271(1)(c) Penalty Appeal Requires Fresh Hearing After NFAC Order

New Mangalore Port Road Company Limited Vs DCIT (ITAT Delhi) CIT(A) Erred in Dismissing Penalty Appeal as “Infructuous” After VSVS; Entire 271(1)(c) Penalty on Depreciation & Interest Disallowance Remanded for Fresh Adjudication -ITAT Delhi Sets Aside NFAC Order Assessee, a BOT road developer, appealed against a ₹19.25 crore penalty levied u/s 271(1)(c) on two disallowances made in scrutiny assessment: (i) Depreciation on Toll Road – ₹60.67 crore & (ii)Interest u/s 36(1)(iii) – ₹1.63 crore. During assessment, AO held that depreciation was wrongly claimed because ownership...