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TMI Blog2019 (3) TMI 505X X X X Extracts X X X X X X X X Extracts X X X X ..... g of inaccurate particulars of income thereon for mere disallowance of claim of expenses made by the assessee. Reliance is placed in this regard on the decision in the case of Reliance Petro Products Pvt. Ltd., reported [2010 (3) TMI 80 - SUPREME COURT]. In view of our aforesaid findings and respectfully following the aforesaid judicial precedents, we direct the Ld. AO to cancel the penalty levied u/s.271(1)(c ) - Decided in favour of assessee. - ITA No.7422/Mum/2016 - - - Dated:- 28-2-2019 - Shri Mahavir Singh, JM And Shri M. Balaganesh, AM For the Assessee : Shri Vimal Punmiya For the Revenue : Shri Chaudhary Arunkumar ORDER PER M. BALAGANESH (A.M): This appeal filed by assessee is directed against the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ving them adequate income, they decided to wind up the said business and get into share transactions. 3.1. The assessee also stated that they were exploring many fields in marketing prefab, engineering building which is very much used in making factories and warehouses apart from trying to do marketing of dry walls which is a good project for hotels and hospitals. The assessee also submitted that they also tried marketing censors to the hotels, industries and offices. It pleaded that in order to explore these various fields, lot of persons had to be met at various offices for which necessary travelling expenditure need to be incurred together with consumption of fuel expenses for the vehicle, followed by entertaining prospective customer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich got confirmed up to the Tribunal for want of evidences. The assessee placed on record the comparative chart of various expenses for the years ending 31/03/2008 to 31/03/2012 wherein we find that the expenditure incurred during the year had not varied substantially with that in the earlier years or in the subsequent years. Either way, the penalty has been levied only on the disallowance of expenses made on adhoc basis. We find from the list of expenses debited in the P L account that the same are purely regular business expenditure. Hence, no penalty could be levied for concealment or furnishing of inaccurate particulars of income thereon for mere disallowance of claim of expenses made by the assessee. Reliance is placed in this reg ..... X X X X Extracts X X X X X X X X Extracts X X X X
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