Penalty not justified for disallowance of Bona fide claim

IN THE ITAT MUMBAI BENCH ‘E’ Skil Infrastructure Ltd. versus Assistant Commissioner of Income-tax IT APPEAL NOS. 2038 & 2045 (MUM.) OF 2010 [ASSESSMENT YEAR 2006-07] AUGUST 31, 2012 ORDER B. Ramakotaiah, Accountant Member These are the cross appeals by assessee and Revenue against the order of the CIT(A)-39 Mumbai, dated 30/12/2009. The issue in this appeal is with reference to levy of penalty under section 271(1)(c). 2. The facts relating to the issue in the appeals are that the assessee company is engaged in promoting different types of infrastructure project...