Penalty Deleted Where Income Already Disclosed & Additions Lead to Double Taxation

BMW Industries Limited Vs DCIT (ITAT Kolkata) ITAT Kolkata Deletes Penalties u/s 271(1)(c): No Penalty Where Income Already Disclosed and Additions Lead to Double Taxation The Kolkata Bench of the ITAT allowed the appeals of BMW Industries Ltd. for AYs 2012-13, 2015-16 and 2016-17, deleting penalties levied under section 271(1)(c) in respect of additions made under sections 68, 36(1)(va) and 40A(7). The Tribunal held that where sales and other items were duly recorded in the books and offered to tax, subsequent recharacterisation or addition by the Assessing Officer could not give rise to pena...