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Payment of principal amount was revenue exp. though assessee would acquire asset after termination of finance lease

November 5, 2019[2019] 112 taxmann.com 66 (Delhi - Trib.)/[2020] 180 ITD 141 (Delhi - Trib.)

INCOME TAX: Where infrastructure assets were taken on finance lease and assessee would buy same after termination of lease, same being exclusively used for business during lease period, rent paid was to be allowed as revenue expenditure

INCOME TAX: Commissioner (Appeals) can not dismiss appeal against penalty under section 271(1)(c) merely stating that in quantum proceedings additions has been confirmed; in penalty appeal, he has to mention point for determination again and reasons for levy

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