2011 (10) TMI 649

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..... IT v. Reliance Petroproduct Pvt. Ltd. (2010 (3) TMI 80 - SUPREME COURT ) wherein as held mere making a claim not allowable will not lead to imposition of penalty. - ITA No. 763/Ahd/2006 - - - Dated:- 21-10-2011 - Shri Bhavnesh Saini, Judicial Member and Shri A.L.Gehlot, Accountant Member For the Appellant : Shri S.K. Gupta, CIT, DR For the Respondent : Shri S.N.Soparkar, Sr-AR .....

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..... HDPE fabrics quoted on both sides at higher rate which were sold at a lower rate ₹ 1,42,06,989/- 2) Interest attributable to interest bearing borrowings diverted as interest fee advances for non-business purpose Rss.68,40,000/- 3) Share and debenture issue expenses .54,71,162/- 4) Interest income reduced from pre-operative expenses ₹ 35,54,409/- 5) Excess deduction .....

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..... of Assessing Officer by the ITAT. The issues relating to disallowance of ₹ 54,71,162/- and ₹ 68.40 crores have also been sent back to the file of Assessing Officer. Therefore, penalty u/s. 271(1)(c) is not sustainable. The penalty in respect of disallowance of deduction u/s.80IA we find that this ground is squarely covered in favour of the assessee by the judgment of Hon ble apex c .....

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