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2015 (3) TMI 1069
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....r : The present appeal has been preferred by the assessee against the order of the ld. CIT(A)-26 dated 13.08.2012. The assessee has agitated the sustaining of the levy of penalty at Rs. 3,83,890/-. 2. The brief facts of the case are that during the assessment proceedings it was observed by the A.O. that the assessee had claimed deduction of interest expenses of Rs. 11,40,492/- without deduct....
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...., therefore, levied the impugned penalty u/s.271(1)(c) of the Act. 3. In the first appeal, the ld. CIT(A) confirmed the penalty so levied by the A.O. The assessee is thus in appeal before us. 4. We have heard the rival contentions and have also gone through the records. In this case, the penalty has been levied for disallowance of expenditure u/s.40(a)(ia) of the Act. It is not a case of fur....