2014 (7) TMI 1262

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....ri P.K. Singh O R D E R PER DR. S.T.M. PAVALAN, JM: This appeal filed by the Assessee is directed against the order of the Ld.CIT(A) -13, Mumbai dated 07.06.2012 confirming the penalty levied by the AO u/s 271(1)(c) of the Act for the Assessment Year 2006-07. 2. Briefly stated, the assessee, a company, while declaring a total income at Rs. NIL had claimed brokerage expenses of Rs. 1,35....

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.... connection, it is relevant to mention that the Delhi High Court in the case of CIT Vs. AT & T Communications Services India Pvt. Ltd. 342 ITR 257 (Del), has held that invoking the provisions of section 40(a)(ia) for making disallowance should not be ground for the levy penalty u/s 271(1)(c) of the Act. Also, in the case of New Horizon India Ltd. Vs. DCIT 12 ITR (Trib) 332 (Del), the Delhi Bench o....