Ingredient about a bona fide claim is that assessee should be able to show or prove some intermediate steps in whole process of transaction

ITAT AHMEDABAD “D” BENCH, AHMEDABAD, Goyal Industries Ltd. Vs. Dy. CIT, APPEAL NO: ITA No. 702/Ahd/2008, DECIDED ON May 28, 2010 ORDER PER D.C.Agrawal, Accountant Member:- This appeal is filed by assessee raising following grounds:- “1. That Hon’ble C.I.T.(A) has erred in confirming the Penalty of Rs.2,83,412/- u/s.271(1)(C) of the Income Tax Act, 1961.” 2. The only issue involved in this appeal that Ld. CIT(Appeals) has confirmed the penalty of Rs. 2,83,412/- levied by the Assessing Officer. 3. The facts of the case are that assessee- company is ...