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2009 (2) TMI 2 - HC - Income TaxPenalty u/s 271 (1) (c) was imposed on 3 items - Disallowance of claim of liability on account of L/C opened with Andhra Bank - Disallowance of claim of liability on account of L/C opened with UBI - Disallowance of fine in lieu of confiscation - held that the liability in respect of first two item had infact being incurred, no penalty can be imposed - in respect of third item accepting the contention of the assessee that the lapse was not deliberate, no penalty ought to have been imposed
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