2019 (1) TMI 1530

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.... PER M. BALAGANESH (AM) : The appeal filed by the assessee is directed against the order passed by learned CIT(A)-3, Mumbai dated 5.5.2017 for A.Y. 2009-10. 2. The only issue to be decided in this appeal is whether learned CIT(A) was justified in upholding the levy of penalty u/s. 271(1)(c) of the Act in the facts and circumstances of the case. 3. Brief facts on this issue are that the....

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....ssee-company and accordingly, interest thereon needs to be capitalized. 4. From the reading of the penalty order u/s. 271(1)(c) of the Act dated 28.3.2016, the Assessing Officer levied penalty to the tune of Rs. 86,798/- only on the disallowance of consultancy fees paid to NNE Pharma Plan India Ltd. to the tune of Rs. 2,80,900/- 5. Learned AR before us submitted that description of bills spe....

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....nd stated that since quantum has been upheld by learned CIT(A) and the assessee not being in appeal before this Tribunal against the same, levy of penalty on the said quantum become automatic and hence has been rightly levied penalty by the Assessing Officer. 7. We have heard the rival submissions. It is not in dispute that penalty u/s. 271(1)(c) of the Act has been levied in the instant case o....