https://www.taxtmi.com/caselaws?id=270460 The Tribunal upheld the decision of the Ld CIT(A) to delete the penalty imposed by the AO under section 271(1)(c) of the Act. The dispute revolved around the treatment of a lump sum payment for rights as revenue or capital expenditure. The Tribunal found merit in the assessee's argument that the payment was for a license, not a purchase, supported by legal precedents and business practices. Consequently, the Tribunal ruled in favor of the assessee, dismissing the revenue's appeal challenging the deletion of the penalty. en-us Tue, 24 Nov 2015 00:00:00 +0530 Wed, 06 Jan 2016 23:44:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270460 The Tribunal upheld the decision of the Ld CIT(A) to delete the penalty imposed by the AO under section 271(1)(c) of the Act. The dispute revolved around the treatment of a lump sum payment for rights as revenue or capital expenditure. The Tribunal found merit in the assessee's argument that the payment was for a license, not a purchase, supported by legal precedents and business practices. Consequently, the Tribunal ruled in favor of the assessee, dismissing the revenue's appeal challenging the deletion of the penalty. Case-Laws Income Tax Tue, 24 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270460