Section 271(1)(c) Penalty deleted Due to Bona Fide Claim on Lease Premium Deduction

Small Industries Development Bank of India Vs DCIT (ITAT Mumbai) The Income Tax Appellate Tribunal, Mumbai, adjudicated appeals challenging penalty orders imposed under Section 271(1)(c) of the Income-tax Act, 1961 for assessment years 2014–15 and 2015–16. The penalties arose from disallowance of a claim relating to proportionate amortisation of lease premium paid to the Mumbai Metropolitan Regional Development Authority, which was treated as capital expenditure during assessment proceedings. The Assessing Officer levied penalty on the disallowance, and the Commissioner of Income Tax (Appe...