2012 (10) TMI 1137

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....st the order of the Income Tax Appellate Tribunal (ITAT) dated 13th April, 2011 in ITA No. 44/PNJ/2009 pertaining to the Assessment Year 2005-06. ( 2. ) The appeal is admitted on the following question of law : Whether on the facts and in the circumstances of the case, the Tribunal was justified in sustaining penalty which was levied merely on the basis that the appellant had made a claim for d....

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.... appellant did not conceal any facts. Based on the disclosed material, the appellant sought the deduction which was denied on the ground that it was not entitled to the same as a matter of law. The Tribunal was in error in holding that merely because the claim for deduction was denied the appellant is liable to pay a penalty. The question raised is answered in favour of the assessee by the judg....