2014 (2) TMI 803

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....17th September, 2012 for the AY 2003-04. 2. The only ground raised by the assessee is against the confirmation of penalty of Rs.1,37,440/- levied by the Assessing Officer under Section 271(1)(c) of the Income-tax Act, 1961. 3. We have heard both the sides and perused the material placed before us. The penalty has been levied on account of disallowance of expenses amounting to Rs.5,22,996/- u....