Penalty u/s 271(1)(c) not leviable on addition due to difference of opinion

Dinesh Kumar Agarwal Vs ACIT (ITAT Kolkata)

ITAT Kolkata held that penalty u/s 271(1)(c) of the Income Tax Act not leviable as computation of income resulting into higher income is only a difference of opinion.

Facts- Though the assessee has taken five grounds of appeal, but his grievances revolve around a single issue, namely ld. CIT(Appeals) has erred in confirming the penalty of Rs.1,65,780/-imposed by the ld. Assessing Officer under section 271(1)(c) of the Income Tax Act.

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