Penalty u/s 271(1)(c) not leviable as error pointed out by AO was corrected before passing of order

PCIT Vs National Textiles Corporation Ltd. (Delhi High Court)

Delhi High Court held that penalty under section 271(1)(c) of the Income Tax Act not leviable as error pointed out by AO was corrected by the assessee before passing of the assessment order.

Facts- In the course of scrutiny, the AO disallowed Rs.14,25,49,948/-on account of foreign exchange fluctuation losses.

Notably, before the assessment order was passed, the respondent/assessee on 15.12.2011, submitted

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