Penalties levied on assessee, confirmed by CIT(A) were set aside by ITAT.
Apr. 21, 2017
AO in assessment levied penalty on assessee u/s 271(1)(c) of I.T.Act, on account of expenses incurred with regard to suspended business. CIT(A) confirmed it. On appeal ITAT held,the expenses incurred were in the interest of business and merely because the assessee claimed a deduction which has not been accepted by the Revenue, penalty u/s 271(1)(c) of the Act is not attracted.-501514