ITAT Bangalore confirms deletion of Penalty for mere disallowance of claim

DCIT Vs Manipal Hospitals (Bangalore) Private Limited (ITAT Bangalore) 2ITAT Bangalore Confirms Deletion of Penalty for Mere Disallowance of Claim: Procedural Lapse in Notice Proves Fatal to Revenue Assessee claimed ₹2.15 crores as interest expenditure, treated by AO as pre-operative capital expenditure, and disallowed. Penalty was levied under Section 271(1)(c) on the ground of furnishing inaccurate particulars of income. CIT(A) deleted the penalty citing procedural defects and lack of intent to conceal income. Tribunal noted that the procedural Defect in Notice as the AO failed to record ...