No Penalty for claim which was allowed at one Stage and disallowed later on

DCIT Vs American Express India Pvt. Ltd. (ITAT Delhi)– Assessee had furnished and disclosed the entire particulars of the claim for netting of the interest and also the said claim was backed by the aforesaid note. As discussed above, in the first appeal, first appellate authority had allowed the netting-off of the interest, while computing the profits of business eligible for deduction u/s 10B.  This order of the first appellate authority has been reversed by the Tribunal by holding that interest receipt from the department on the income tax refund, does not have any direct nexus with t...