Dismissing the appeal of the revenue the Court held that even if the order of the Court raises arguable questions. Levy of penalty is not justified. (AY. 2000-01 to 2003-04)
CIT v. Ajanta Pharma Ltd. (2019)105 taxmann.com 160/ 263 Taxman 353 (Bom) (HC) Editorial: Appeal of revenue is dismissed on the ground of delay as well as on low tax effect .CIT v. Ajanta Pharma Ltd. (2019) 263 Taxman 352 (SC)
S. 271(1)(c) : Penalty–Concealment–Quantum deleted-Levy of penalty was quashed.