Penalty u/s 271(1)(c) cannot be levied if more than one legal view is possible

M/s. Nortel Networks India Pvt. Ltd. Vs DCIT (ITAT Delhi) In the instant case, the assessee has offered Explanation as why the transaction of loss of security was claimed as business loss. This Explanation has not found to be false by the Assessing Officer. Further, the assessee substantiated the Explanation by way of filing relevant documents in relation to the transaction. In our opinion, the assessee has disclosed all the facts material to the computation of the income in the assessment proceedings. It is not the requirement of the law that all the facts material to the computation of incom...