No Penalty for disallowance based on accurate particulars submitted during scrutiny

Brief of the case In the case of Income-tax Officer vs. M/s Besto Tradelink (P) Ltd ITAT has held that that quantum and penalty proceedings under the Act stand on a different footing and each and every disallowance/addition does not lead to automatic imposition of penalty as held by hon’ble apex court in Reliance Petroproducts Ltd. 322 ITR 158 (SC), Penalty cant not be levied once assessee made accurate particular of income. Further, Penalty cannot be levied on disallowances of interest amount and the one under section 40A(3) only on the basis of assessee’s accurate particulars already sub...