Allowing the appeal of the assessee the Tribunal held that, since assessee had furnished all particulars related to its claim of expenditures towards professional fees and interest paid on capital borrowed and none of evidences filed by assessee were incorrect, merely because issue was decided against assessee by instant court by confirming disallowance of these expenses, it could not result into levy of penalty. (AY. 2010-11)
Quippo Telecom Infrastructure (P.) Ltd. v. ACIT (2020) 185 ITD 275 / (2021) 198 DTR 202 / 2009 TTJ 828 (Delhi)(Trib.)
S. 271(1)(c) : Penalty-Concealment-Disallowance of professional fees and interest on borrowed capital-Levy of concealment penalty is held to be not valid. [S. 36(1)(iii), 37 (1)]