CIT Vs. MICA WOOD (P) LTD

JUDGEMENT

(1.) The revenue is aggrieved by an order dated 13-4-2007 passed by the Income Tax Appellate Tribunal, New Delhi Bench G in ITA No. 4606/Delhi/2005 relevant for the assessment year 2001-02.

(2.) The only question that has arisen in this case is with regard to the levy of penalty on the assessee under Section 271(1)(c) of the Income Tax Act, 1961 ( Act ).

(3.) It appears that the assessee had claimed expenses of Rs. 1,30,935 on the foreign travel of its Director to attend a trade exhibition in U.K. The assessee was not able to produce any evidence in support of the expenses incurred and, therefore, the assessing officer disallowed the expenditure. While concluding, the assessing officer noted that penalty proceedings under Section 271(1)(c) of the Act have been initiated separately for furnishing inaccurate particulars of income.