Penalty u/s. 271(1)(c) not leviable as all material facts disclosed

ACIT Vs Hindustan Coca Cola Beverages Pvt. Ltd (ITAT Delhi) ITAT Delhi held that as assessee disclosed all the material facts relating to payment of non-compete fee, assessee cannot be accused of furnishing inaccurate particulars of income. Accordingly, penalty u/s 271(1)(c) not leviable. Facts- The assessee is a resident corporate entity engaged in the business of manufacture and trading of non­alcoholic beverages. In course of assessment proceeding, AO called for various information and details and ultimately completed the assessments u/s. 143(3) of the Act making various additions/disallow...