Penalty u/s 271(1)(c) of Act was levied by AO on addition made by AO on account of write off of bad debts, in proceedings u/s 143(3) r.w.s. 254 of I.T.Act. On appeal CIT(A) confirmed the penalty. On appeal ITAT held, In CIT Vs. M/s Vardhman Acrylics Limited, it has been held that assessment having been made under provisions of MAT u/s 115JB of Act, penalty u/s 271(1)(c) of Act cannot be levied on additions & disallowances made in regular income.-501513
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News Reference:Punjab Information & ... vs Department Of Income Tax