Penalty cannot be levied for mere rejection of debatable claim

IN THE ITAT DELHI BENCH ‘C’ Deputy Commissioner of Income-tax versus Integrated Master Securities (P.) Ltd. IT APPEAL NO. 2645 (DELHI) OF 2012 [ASSESSMENT YEAR 2007-08] AUGUST 24, 2012 ORDER A.N. Pahuja Accountant Member   This appeal filed on 31.05.2012 by the Revenue against an order dated 06-03-2012 of the ld. CIT(A)-XV, New Delhi, raises the following grounds:- 1.  “On the facts and circumstances of the case and in law, the learned CIT(A) has erred in deleting the penalty of Rs. 6,02,514/- imposed u/s 271(1)(c) of the Income-tax Act, 1961.  2.  The ap...