2012 (10) TMI 1137

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..... sed on the disclosed material, the appellant sought the deduction which was denied on the ground that it was not entitled to the same as a matter of law. The Tribunal was in error in holding that merely because the claim for deduction was denied the appellant is liable to pay a penalty.
F.M.REIS AND S.J.VAZIFDAR JJ. JUDGEMENT VAZIFDAR,J. - ( 1. ) This is an appeal under Section 260A of the .....

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..... upheld the order of the Assessing Officer, levying a penalty under Section 271 of the Act. The appellant had claimed a deduction under Section 10B of the Act. The appellant, however, was denied the same. The orders in this regard have attained finality. The question is, whether merely on account thereof the appellant is liable for penalty. ( 3. ) There is no dispute that the appellant disclosed .....

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