Dismissing the appeal of the revenue the Court held that when the quantum proceeding was decided in favour of the assessee, Penalty cannot be imposed .( AY.2007 -08)
PCIT v. Balwinder Singh Bhunder. (2018) 404 ITR 448 (P&H) (HC)
S. 271(1)(c) : Penalty – Concealment -Capital gains- Quantum proceeding was decided in favour of the assessee- Penalty cannot be imposed [ S.45 ]