No Penalty for Disallowance of Debatable and Bonafide claim

DCIT Vs. Sh.Vipan Guppta Prop. (ITAT Chandigarh) We find no infirmity in the order of the Ld.CIT(Appeals) in deleting the penalty levied following the decision of the Coordinate Bench in the case of M/s Hycron Electronics Vs. ITO in ITA No. 326/Chd/2015 relating to assessment year 2009-10. On perusal of the said order we find that the I.T.A.T., in the said case, was seized with an identical issue of penalty levied u/s 271(1)@, on account of restriction of deduction u/s 80 IC to 25% as against 100% claimed by the aseessee, beyond five years from the commencement of production, on account of su...