2009 (8) TMI 46

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....- 1. "Whether, on the facts and in the circumstances of the case, the Ld. ITAT was right in law in confirming the order of the Ld. CIT(A) in deleting the penalty of Rs.  8,00,000/- levied by the Assessing Officer u/s 271(1) (c) of the Income Tax Act, 1961 in respect of additions in assessee's income which were confirmed by the Ld. ITAT vide its order dated 30.3.2007 in ITA No.  2090/Del.2005? 2. Whether, on the facts and in the circumstances of the case, the Ld. ITAT was right in law in confirming the order of the Ld. CIT(A) in deleting the penalty of Rs.  8,00,000/- levied by the Assessing Officer u/s 271(1) (c) of the Income Tax Act, 1961 even though the assessee furnished inaccurate particulars of income and by doing....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t a ground for levying penalty in absence of any concealment or giving of inaccurate particulars. This view has been upheld by the Tribunal by observing as under:- "We have considered the rival submissions. A perusal of the penalty order clearly shows that the penalty has been levied on account of two additions. The first one being the disallowance of certain expenses under the head office expenditure and second on the disallowance of the PF and ESI payments made beyond the due date under the respective Acts. In regard to the disallowance of expenditure, it is noticed that in the assessment order the assessee has specifically explained that the expenses are business expenditure and they have been incurred as fooding expenses to entertain....