Penalty justified for claiming of deduction for R&D activity after discontinuance of business

ITAT CHENNAI BENCH ‘A’ Assistant Commissioner of Income-tax versus Harvey Heart Hospitals Ltd. IT APPEAL NO. 1397 (MDS.) OF 2012 [ASSESSMENT YEAR 2006-07] NOVEMBER  15, 2012 ORDER Dr. O.K. Narayanan, Vice-President. This appeal is filed by the Revenue. The relevant assessment year is 2006-07. The appeal is directed against the order of the Commissioner of Income-tax (Appeals)-I at Chennai, dated April 2, 2012. The appeal arises out of the penalty order passed under section 271(1)(c) of the Income-tax Act, 1961. 2. A search under section 132 was conducted in the p...