No Penalty for Claim based on consultants advice when two views were possible

If two views were possible and the assessee claimed deduction on the basis of advice of consultants, penalty can not be imposed CIT Vs. Kas Movie Pvt. Ltd (Delhi High Court) – For the purpose of claiming benefit under Section 80HHF of the Act, ownership of goods is not essential as held by the Supreme Court in the case of Sea Pearl Industries and Others Vs. Commissioner of Income Tax, 247 ITR 578. Thus, when two views were possible and the assessee made the claim on the basis of advice of the consultants, it was not a case where the penalty should have been imposed. In The High Court Of...