ITAT remands penalty proceedings under section 271(1)(c) for fresh adjudication after admitting additional loss evidence

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....ITAT remanded penalty proceedings u/s 271(1)(c) to AO for fresh adjudication. Assessee had suo moto disallowed expenses u/s 40(a) but raised plea of continuous losses negating tax advantage only before Tribunal. ITAT admitted additional evidence regarding loss claims with DR's consent, despite not being raised before CIT(A) or AO initially. Tribunal directed AO to verify assessee's loss claims for relevant and preceding assessment years in light of jurisdictional High Court judgment, then determine penalty liability accordingly. Matter remanded with direction to afford reasonable hearing opportunity to assessee in fresh proceedings.....