Penalty cannot be imposed merely because AO did not allow claim of Assessee

Advocate Akhilesh Kumar Sah Merely the claim of deduction did not find favour of the AO would not justify imposition of penalty under section 271(1)(c): Aristo Pharma case Recently, in Aristo Pharmaceuticals Pvt. Ltd. vs. ACIT [ITA No.6680/Mum/2012 with ITA No.5553/Mum/2014 and ITA No.5479/Mum/2015, A.Y.: 2009-10, 2011-12 & 2012-13, decided on 26.07.2018], briefly stated, the assessee-company was engaged in the business of manufacturing and sale of pharmaceuticals products filed its return of income for A.Y. 2005-06 on 31.10.2005, declaring income at Rs. 81,16,05,080/-. The case of the a...