https://www.taxtmi.com/caselaws?id=440333 The Tribunal allowed the appeal, overturning the penalty imposed under section 271(1)(c) by the Assessing Officer. The expenses claimed as revenue by the assessee, relating to repairs essential for the petrol pump business, were deemed revenue in nature as they did not create an enduring benefit. Relying on legal precedent, including the decision in CIT vs Reliance Petroproducts Pvt Ltd, the Tribunal concluded that the penalty was unjustified. en-us Tue, 11 Jul 2023 00:00:00 +0530 Sat, 15 Jul 2023 08:02:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440333 The Tribunal allowed the appeal, overturning the penalty imposed under section 271(1)(c) by the Assessing Officer. The expenses claimed as revenue by the assessee, relating to repairs essential for the petrol pump business, were deemed revenue in nature as they did not create an enduring benefit. Relying on legal precedent, including the decision in CIT vs Reliance Petroproducts Pvt Ltd, the Tribunal concluded that the penalty was unjustified. Case-Laws Income Tax Tue, 11 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440333