THE ACIT, TRICHUR vs. ST.ANTONY'S TIMBER DEP, THRISSUR

In the result, the appeal of the Revenue is partly allowed for statistical

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

150 Taxman 44, in which it was held that penalty cannot be levied where additions are made by the A.O rejecting the explanation of the assessee since it does not amount I.T.A. No.294/Coch/2018 & CO No.63/coch/2018 to concealment of income within the meaning of Explanation to section 271. With regard to these submissions, the Assessing Officer observed that the assessee