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2011 (12) TMI 286 - AT - Income TaxExpenditure incurred for increasing authorized capital claimed as Revenue - Additions made and penalty proceedings initiated - Assessee: Non recording of Satisfaction, charge on which penalty levied is not communicated, relied on advise of professional M/s Bajaj & Arora - Held That:- In view of CIT v. Zoom Communications Pvt. Ltd (2010 - TMI - 75987 - DELHI HIGH COURT), issue of levy or otherwise of the penalty has to be decided on the basis of explanation on record. The assessee has not furnished any satisfactory explanation as to why a prima facie inadmissible claim was made in the return, more so when even for accounting purpose the opinion of M/s Bajaj & Arora was some what tentative. - Decided against assessee.
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