The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the penalty of Rs. 132 crore for misreported income against the assessee, Jaypee Cement.The bench of Saktijit Dey (Vice President) and M. Balaganesh (Accountant Member) has observed that there was absolutely no mala fide intention on the part of the assessee to claim an excess deduction under Section 32AC. In the facts,...
