2016 (2) TMI 915

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....ved by the impugned order dated 17/06/2014, of the ld. First Appellate Authority, Mumbai, confirming the penalty of Rs. 17,496/- imposed u/s 271(1)(c) of the Income Tax Act, 1961 (hereinafter the Act). 2. During hearing, the ld. counsel for the assessee, Shri Dhirendra M. Shah, contended that the disallowance was made purely on technical ground and even if a wrong claim is made with respect to ba....

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....present appeal, the assessee declared total income of Rs. 1,36,56,264/- on 26/09/2008 and the assessment was completed on 22/12/2010 u/s 143(3) of the Act, determining the income at Rs. 1,38,11,260/-. While doing so, the ld. Assessing Officer made disallowance of bad debts of Rs. 52,621/- with respect to M/s Arabian Pioneer (Rs.4,000/- ) and M/s Steelmets Ltd. (Rs.52,621/-). The Assessing Officer ....