In the result, the bunch of appeals of the assessee is allowed
Bench: Sh. Laliet Kumar & Dr. M. L. Meenai.T.A. Nos. 48 To 53/Asr/2021 Assessment Years: 2007-08 To 2012-13
191. In the case of Moh. Farhan A. Shaikh (supra), the Hon’ble Bombay High 11. Court has dealt with the issue of levy of penalty u/s 271(1)(c) r.w.s. 274 of the Act., vide its judgment dated 11.03.2021 considering all the previous judgments of Apex Court and High Courts, and it was held that the assessee must