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Income Tax Appellate Tribunal, “E” BENCH, MUMBAI
Before: SHRI D. KARUNAKARA RAO & SHRI C.N. PRASAD
सुनवाई की तायीख / Date of Hearing : 07.11.2016 घोषणा की तायीख /Date of Pronouncement : 18.11.2016 आदेश / O R D E R
PER D. KARUNAKARA RAO, AM:
This appeal filed by the assessee on 21.1.2013 is against the order of the CIT (A)-7, Mumbai dated 12.10.2012 for the assessment year 2006-07. In this appeal assessee raised the following grounds which read as under:- “1. On the facts and in the circumstances of the case and in law, the Ld CIT (A) erred in sustaining penalty of Rs. 1,59,795/- levied u/s 271(1)(c), without appreciating that mere making of a claim which was disallowed does not amount to furnishing inaccurate particulars or to concealment of income. The Ld CIT (A) failed to appreciate that all the primary facts were disclosed by the appellant and there was no concealment at all in law merely because the claim was incorrectly made.
2. The order of the CIT (A) is against the weight of evidence, equity and natural justice.”
2. The only issues raised in the above grounds relates to the levy of penalty of Rs. 1,59,795/- u/s 271(1)(c) of the Act. On appeal, CIT (A) confirmed the said penalty.
3. Before us, Ld Counsel for the assessee briefly submitted that the assessee is a private limited company engaged in the manufacturing of scientific, industrial process and temperature measurement / control instruments. In the return of income for year under consideration, assessee claimed deduction u/s 35(2AB) of the Act.