M/S. HOUSING AND URBAN DEVELOPMENT CORPORATION LTD.(HUDCO),NEW DELHI vs. DCIT, NEW DELHI

Appeals of the assessee stands allowed

Bench: Shri R.K. Panda & Shri Sudhanshu Srivastava

3 disallowance of loss as capital loss. This ground was not accepted by the CIT (Appeals) as correct. It was held that in view of the finding of the ClT (Appeals), the foundation on which penalty was initiated has fallen down. Therefore, the penalty on that ground cannot fructify. The CIT (Appeals), however, upheld the disallowance on a totally different