PRINCIPAL COMMISSIONER OF INCOME TAX , CENTRAL-1, KOLKATA vs. MONOJ KUMAR JAIN & SONS(HUF)

The appeal is allowed and the order passed by the

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

b. Whether on the facts and in the circumstances of the case the Learned Tribunal was justified in law in invalidating the penalty proceedings when under similar circumstances of the disclosure by the assessee during the search proceedings the Hon’ble High Court at Calcutta has held in favour of the revenue in [2015] 64 Taxman.com [Calcutta] in the case