2012 (1) TMI 240

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....ssee is directed against the order dated 5/3/2010 of CIT(A) for the assessment year 2006-07. The only dispute raised in this appeal is regarding levy of penalty under section 271(1)(c). 2. The facts in brief are that the AO in the assessment had made disallowance of ₹ 1,52,780/-; on account of PMS fees; ₹ 4,297/- on account of STT relating to short term capital gain ; and ₹ 2,50....

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..... Gupta in relation to similar additions which had been deleted by the Tribunal vide order dated 19.10.2011 in ITA No.3989/M/2010 for the same assessment year i.e. 2006-07. It was thus argued that the facts being identical penalty should be deleted in the case of the assessee also. The ld. DR on the other hand placed reliance on the orders of authorities below. 4. We have perused the records and ....

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....h were in favour of the assessee regarding allowability of PMS fees. The Tribunal also noted that penalty had been initiated for furnishing inaccurate particulars of income. The disallowance of various claims could not be considered as furnishing inaccurate particulars of income in view of judgment of Hon'ble Supreme Court in case of Reliance Petroproducts (P) Ltd. (322 ITR 158). The Tribunal ....