Penalty cannot be imposed for addition made in respect of Bona fide claims

HIGH COURT OF MADRAS Commissioner of Income-tax Versus Balaji Distilleries Ltd. TAX CASE (APPEAL) NO. 1985 OF 2006 OCTOBER  1, 2012 JUDGMENT Mrs. Chitra Venkataraman, J. The Revenue is on appeal as against the order of the Income Tax Appellate Tribunal in respect the assessment year 1991-92, raising the following substantial questions of law: (i) Whether on the facts and in the circumstances of the case, the Income Tax Tribunal is right in law in deleting penalty levied under Section 271(1)(c) of the Income Tax Act for the assessment year 1991-92? and (ii) Whether on the fa...