2021 (7) TMI 1079

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....271(1)(c) of the Income Tax Act, 1961 (hereinafter called 'the Act'). 2.0 The brief facts of the case are that the assessee is engaged in the business of 'out-of-home' advertisement consisting of street furniture (such as advertising on bus shelters, public utilities, lots, cycle stands, auto stands etc.) billboards and transportation (such as advertising in airports, railway stations, metros, bus stands, vehicles etc.). The assessee company had capitalized expenditure incurred on Bus Queue Shelters (BQS) in its books of accounts and had claimed depreciation thereon. However, for Income Tax purposes such expenditure was claimed as Revenue expenditure u/s 37 of the Income Tax Act, 1961 in the return of income. The Assessing Officer comple....

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....th the parties and after having gone through the order of the Tribunal, if we note that identical issue had arisen before this Tribunal in Assessment Year 2007-08 and 2008-09 in assessee's own case in ITA No.5275/Del/2016 and 5376/Del/2014 respectively and the Department's appeals against the deletion of the penalty imposed in these two years to Assessment Years were dismissed by this Tribunal vide order dated 14.01.2020. The relevant facts and the observations of the Coordinate Bench of the Tribunal are contained in paragraphs 3,4,5,6 and 7 of the said order and the same are being reproduced herein under for a ready reference: "3. The assessee is engaged in the business of providing 'outof- home' advertising solutions and speciali....

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....BQS for and on behalf of NDMC and MMRDA of Rs. 17,95,36,978/- as capital expenditure. The loss was recomputed for A.Y. 2008- 09 at Rs. 7,04,15,666/- as against declared loss of Rs. 16,31,76,231/-. Following the completion of the assessments and the orders of the CIT(A) & ITAT, the Assessing Officer proceeded to levy the penalties u/s 271(l)(c) of the Act, 1961. The Assessing Officer observed that the Act of the Assessee was a deliberate Act to furnish inaccurate particulars of income which levy to rebate the income, therefore, the Assessing Officer levied penalty u/s 271(l)(c) of the Act. 4. Being aggrieved by the penalty order, the assessee filed an appeal before the CIT(A). The CIT(A) allowed the appeal of the assessee i....