Dismissing the appeal of the revenue the Court held that the Tribunal is justified in deleting the penalty primarily on the ground that the explanation rendered by the assessee was reasonable further though quantum additions were confirmed till the stage of Tribunal, further appeal at the hands of the appellant is pending before the High Court. Referred PCIT v. National Diary Development Board. (Tax Appeal No. 515 of 2018 dt 11-6-2018) (Guj.)(HC)
PCIT v. National Diary Development Board (2020) 114 taxmann.com 553 (Guj.)(HC) Editorial: SLP of revenue is dismissed PCIT v. National Diary Development Board (2020) 270 Taxman 6 (SC)
S. 271(1)(c) : Penalty-Concealment-Disallowance of claim-Appeal pending before High Court-Reasonable explanation-Deletion of penalty is held to be justified. [S. 36 (1)(iii)]