Penalty not leviable as disallowance u/s 14A made on estimate basis

DCIT Vs ICICI Bank Ltd (ITAT Mumbai)

ITAT Mumbai held that no penalty leviable on account of disallowance u/s 14A of the Act when disallowance has been made on estimate basis and return of income was filed prior to insertion of section 14A of the Act.

Facts- AO in his penalty order observed that assessee has filed its return of income of ₹.85,44,80,740/- on 30.12.1999 and assessment was completed on the income of ₹.1,55,24,14,834/ after making various additions. He als

Please become a Premium member. If you are already a Premium member, login here to access the full content.