2014 (6) TMI 735

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....awal, VP : These two appeals by different 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....

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....ost. Therefore, we decide the appeals ex parte after hearing 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....

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....y because some disallowance is computed as per the formula prescribed 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 Infrastru....