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Penalty not imposable for bonafide claims which gets disallowed
Case Law Details
- Case Name
- Commissioner of Income Tax, Delhi Vs. Madhushree Gupta (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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Penalty u/s 271(1)(c ) shall not be imposed if assessee has set off loss against the amount of profit after claiming deduction under Section 80HHC of the said Act.
In view of Supreme Court judgment in the case of IPCA Laboratory Ltd. v. DCIT : [2004] 266 ITR 521 (SC), wherein the Supreme Court held that the provisions of section 80AB had an overriding effect over all the other sections in Chapter VI-A including Section 80HHC. The decision in IPCA Laboratory Ltd (supra) came subsequent to the filing of the return. Therefore, it cannot be said that the claim made by the respon...
