2011 (3) TMI 46

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....p; Per R.S.Syal, AM :   This appeal by the assessee arises out of the order passed by the CIT(A) on 20.01.2009 confirming the penalty of Rs.37,32,777 imposed by the AO u/s.271(1)(c) of the Act in relation to assessment year 1997-98.    2. Shorn off unnecessary details it is an admitted position from both the sides that the penalty has been finally upheld qua the addition of....

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....al was correct in confirming the disallowance of brokerage Rs.10,79,221/- and legal fees Rs.2,00,000/-?"   3. It is, therefore, abundantly clear that the additions in respect of which penalty was confirmed have been accepted by the Hon'ble Bombay High Court leading to substantial question of law. When the High Court admits substantial question of law on an addition, it becomes apparent tha....