No Penalty Imposed: Adequate Disclosures and Loss Incurred u/ss 271(1)(c) and 43B Justify No Tax Advantage.

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....Penalty u/s 271(1)(c) - disallowance of interest u/s 43B - assessee has made sufficient disclosures in the financial statements and furthermore it should not be penalized on account of the mistake committed by the CA - there was no immediate tax benefit to the assessee by not disallowing the interest expenses since there was loss - no penalty....