Penalty cannot be imposed merely for non allowance of deduction

HIGH COURT OF DELHI Commissioner of Income Tax- IV, New Delhi Vs Dharampal Premchand Ltd. DIPAK MISRA, CJ. AND MANMOHAN, J. IT APPEAL NO. 912 of 2010 SEPTEMBER 13, 2010 JUDGEMENT Dipak Misra, CJ. – In this appeal preferred under section 260A of the Income-tax Act, 1961 (for brevity ‘the Act’) assailing the order dated 13-2-2009 passed by the Income-tax Appellate Tribunal, Delhi Bench “B”, New Delhi (for short ‘the tribunal’) in ITA No. 2299/Del/2007 pertaining to the assessment year 2001-02 the revenue has raised the following substanti...