Penalty U/s. 271(1)(c) cannot be levied for mere Wrong claim of deduction

Aristo Pharmaceuticals (P) Ltd. Vs ACIT (ITAT Mumbai) Assessee had furnished complete details as regards its claim of deduction under Sec. 80IB(4) of the Act, thus merely for the reason that the said claim of deduction did not find favour with the A.O would not justify imposition of penalty under Sec. 271(1)(c) in the hands of the assessee. We are further of the considered view that the re-characterization of the computer software expenditure as a capital expenditure by the A.O, as against the claim of the same as a revenue expenditure by the assessee, though would justify the disallowance of ...