No Penalty when Assessee disclosed all facts in COI filed with ROI

Advocate Akhilesh Kumar Sah ACIT Vs. M/s Novartis India Pvt. Ltd. (ITAT Mumbai) Where claim of deduction had came up with a complete disclosure of all the facts by way of a note to the Computation of Income (COI) filed with assessee’s Return of Income (ROI) for the year under consideration, no penalty under section 271(1)(c) was called for :Novartis India case Many cases are, still, emerging out in respect of section 271(1)(c ) of the Income Tax Act, 1961 (for short ‘Act’) while a lot of appeals have been decided. Very recently, in ACIT vs. Novartis India Pvt. [ITA No. 4254/Mum/2016 a...