Imposition of penalty on basis of findings given in assessment proceedings

RELEVANT PARAGRAPHS:

7. We have carefully considered the rival submissions and have also perused the materials available on record. The decisions cited at the time of hearing of appeal were duly considered. It is apparent from the record that the assessee company had debited a sum of Rs. 2,37,370/ – under the head `travelling expenses’ and claimed the above expenditure as a business expenditure. Shri Rakesh Garg, Advocate, learned counsel for the ass

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