SHARSH FINANCE & INVESTMENT CO. PVT. LTD.,NEW DELHI vs. ACIT, NEW DELHI
In the result, the appeal of the Assessee is dismissed
ITA 878/DEL/2012[2005-06]Status: DisposedITAT Delhi05 May 2017AY 2005-06
Bench: Shri H.S. Sidhu & Shri Prashant Maharishia.Y. : 2005-06 M/S Sharsh Finance & Acit, Circle 18(1), Investment Co. Pvt. Ltd., Vs. New Delhi 16L, Connaught Place, New Delhi – 110 001 (Pan: Aahcs1410L) (Appellant) (Respondent)
For Appellant: Sh. V.K. Agarwal, A.RFor Respondent: Sh. N.K. Bansal, Sr. DR
Section 143(2)Section 143(3)Section 14ASection 271(1)Section 271(1)(c)Section 68
u/s 271(1)(c) cannot be levied on account of disallowance of expenditure/claim. Reliance is placed on the following:-
i)
CIT vs. Reliance Petroproducts Pvt. Ltd., (2010)
322 ITR 158 (SC)
"Penalty under s. 271(1)(c)-Concealment-Disallowance of claim for deduction-In order to attract the provisions ofs.
271(1)(c), there has to be concealment of income
