https://www.taxtmi.com/caselaws?id=751411 ITAT Delhi dismissed Revenue's appeal in penalty proceedings u/s 271(1)(c). Assessee initially claimed deduction u/s 35(2)(AB) but reduced claim after Competent Authority approved lower expenditure during assessment. CIT(A) deleted penalty following Price Water House Coopers SC precedent. ITAT held expenditure was genuine, accounts audited, Form 3CLA filed, and assessee disclosed all material particulars. Mere reduction by DSIR insufficient for penalty without adverse material from AO. Decision affirmed citing Napord Life Sciences precedent. en-us Fri, 12 Apr 2024 00:00:00 +0530 Tue, 16 Apr 2024 08:24:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751411 ITAT Delhi dismissed Revenue's appeal in penalty proceedings u/s 271(1)(c). Assessee initially claimed deduction u/s 35(2)(AB) but reduced claim after Competent Authority approved lower expenditure during assessment. CIT(A) deleted penalty following Price Water House Coopers SC precedent. ITAT held expenditure was genuine, accounts audited, Form 3CLA filed, and assessee disclosed all material particulars. Mere reduction by DSIR insufficient for penalty without adverse material from AO. Decision affirmed citing Napord Life Sciences precedent. Case-Laws Income Tax Fri, 12 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751411