Penalty not leviable as disallowance u/s 14A made on estimate basis

Advertisement DCIT Vs ICICI Bank Ltd (ITAT Mumbai) ITAT Mumbai held that no penalty leviable on account of disallowance u/s 14A of the Act when disallowance has been made on estimate basis and return of income was filed prior to insertion of section 14A of the Act. Facts- AO in his penalty order observed that assessee has filed its return of income of ₹.85,44,80,740/- on 30.12.1999 and assessment was completed on the income of ₹.1,55,24,14,834/ after making various additions. He also observed that assessee claimed tax free interest income of ₹.23,29,28,249/-. The above said amount con...