Penalty u/s 270A not imposable in absence of any malafide intention to claim excess deduction

Jaypee Cement Corporation Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi held that imposition of penalty under section 270A of the Income Tax Act unsustainable in absence of any malafide intention on the part of the assessee to claim excess deduction under section 32AC of the Income Tax Act.

Facts- The assessee is engaged in the business of manufacturing and selling cement, manufacturing and selling asbestos sheets, heavy engineering workshops, and foundries. In the return, the asse

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