2014 (6) TMI 735

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....erent assessees are directed against the order of learned CIT(A)-XIII, New Delhi dated 30th April, 2013 and 15th April, 2013 for the AY 2009-10. 2. The only ground raised by the assessees in these two appeals is against the levy of penalty under Section 271(1)(c) of the Income-tax Act, 1961 as under:- Name of assesse Amount M/s Espire Infolabs Pvt.Ltd. 1,21,185/- M/s Espire Infrastructure Co....

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....g the arguments of learned DR. 5. We have heard the arguments of learned DR and perused relevant material placed before us. From a perusal of the assessment order, we find that the Assessing Officer asked the assessee why the disallowance should not be made under Section 14A read with Rule 8D. In response to this query, the assessee has submitted that the assessee had made some investment of surp....

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....escribed under Rule 8D, it cannot be presumed that the assessee has concealed the income or furnished inaccurate particulars of income. While taking this view, we derive support from the decision of Hon'ble Apex Court in the case of CIT Vs. Reliance Petroproducts Pvt.Ltd. - 322 ITR 158. 6. The facts in the case of M/s Espire Infrastructure Corporation Ltd. are identical. In this case, the Assessi....