https://www.taxtmi.com/caselaws?id=387960 The ITAT allowed the appeal regarding the disallowance of principal payments towards a finance lease, recognizing them as revenue expenditure. The ITAT set aside the penalty imposed under section 271(1)(c) of the I.T. Act, 1961, remanding the matter to the CIT(A) for a fresh decision with detailed reasoning and a fair hearing to the assessee. en-us Fri, 01 Nov 2019 00:00:00 +0530 Tue, 05 Nov 2019 15:46:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387960 The ITAT allowed the appeal regarding the disallowance of principal payments towards a finance lease, recognizing them as revenue expenditure. The ITAT set aside the penalty imposed under section 271(1)(c) of the I.T. Act, 1961, remanding the matter to the CIT(A) for a fresh decision with detailed reasoning and a fair hearing to the assessee. Case-Laws Income Tax Fri, 01 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387960