Penalty attracted If claim made by assessee besides being incorrect in law and malafide

JUDGEMENT V.K. JAIN, J. 1. This appeal is directed against the order of the Income Tax Appellate Tribunal dated 12.06.2009, passed in ITA No.1189/Del/2008, whereby it allowed the appeal filed by the assessee/respondent, against the order of the Commissioner of Income Tax (Appeals), dismissing its appeal and confirming the penalty imposed on it under Section 271(1)(c) of the Income Tax Act (hereinafter referred to as „the Act?). 2. The assessee company, which is engaged in the business of hiring of audio and video equipments, filed return declaring income of Rs 1,21,49,861/-. The case was sel...