2014 (11) TMI 1175

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....askaran, Accountant Member: The assessee has filed this appeal challenging the order dated 07-04- 2010 passed by Ld CIT(A)-7, Mumbai and it relates to the assessment year 2007-08. The assessee is aggrieved by the decision of Ld CIT(A) in confirming the penalty of Rs. 5,14,456/- levied by the AO u/s 271(1)(c) of the Act. 2. We heard the parties and perused the record. We notice that the asses....

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....,14,456/- u/s 271(1)(c) of the Act. The Ld CIT(A) also confirmed the penalty on the reasoning that wrong claim of deduction would lead to levy of penalty. 3. Before us, the Ld A.R placed reliance on the decision of Hon'ble Supreme Court rendered in the case of Reliance Petro Products (P) Ltd (322 ITR 158) and submitted that the making of any claim, which could not be substantiated in law, will ....