In the result, the appeal filed by the assessee is partly allowed
Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranassessment Year: 2016-17
section 44AD(2) of the Act. The Ld. Principal CIT also noticed that the A.O. has dropped the penalty proceedings initiated u/s 271A of the Act accepting the decision cited by the assessee, viz., decision of Hon’ble jurisdictional High Court rendered in the case of CIT Vs. Babu Reddy (2010) 38 DTR 147 (KAR). The Ld PCIT took