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TMI Blog2011 (3) TMI 1790X X X X Extracts X X X X X X X X Extracts X X X X ..... h, This appeal is by the assessees against the order of the learned CIT(A)-I, Indore, dated 28.8.2009 with regard to confirming the penalty of ₹ 1,10,000/- imposed u/s 271(1)(c) of the I.T. Act. 2. During hearing of the appeal, we have heard Shri H.P. Verma along with Shri Ashish Goyal, ld. Counsel for the assessee and Shri Keshave Saxena, ld. CIT(DR). The crux of argum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act. The ld. Assessing Officer completed the assessment vide order dated 7.3.2006, framed u/s 143(3) of the Act at a total income at nil, as returned by the assessee, after setting off of brought forward losses of ₹ 12,02,576/-. Subsequently, the assessee company preferred appeal before the ld. CIT(A) where it was partly allowed on vehicle hire charges, vehicle expenses and telephone expense ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... particulars of its income, therefore, merely on the basis of disallowance made u/s 40A(2)(b), no penalty is leviable. The assessee is fortified by the decision of the Mumbai Bench of the Tribunal in the case Jhavar Properties P. Ltd. (supra). It is not the case that the assessee concealed anything or furnished inaccurate particulars. Disallowance of expenses will not per se tantamount to furnishi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (2) of the Act, by its very nature, is something which the Assessing Officer has to determine by using its discretion, subject to the limitation laid down in the provision. It is always not possible for an assessee to anticipate whether the Assessing Officer would invoke his discretion and shall make a disallowance under the said provision. In the present appeal, neither there is concealment of in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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