Penalty u/s 271(1)(c) unsustainable as issue already decided in assessee’s favour

IRCON International Ltd Vs DCIT (ITAT Delhi)

ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act unsustainable as claim of deduction u/s. 80IA(4) already decided in favour of the assessee.

Facts-

The case of the assessee was selected for scrutiny and assessment was framed under section 143(3) and the total income of the assessee was determined at Rs.5,86,65,31,285, inter alia, by disallowing Rs.1,36,47,143 under se

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