In the result, the assessee’s appeal in ITA No
Bench: SH. KUL BHARAT, VICE PRESIDENT AND SH. NIKHIL CHOUDHARY (Accountant Member)
u/s 142(1). The penalty of Rs. 50000/- should be quashed in toto. 4. That The applicant reserves his right to raise additional ground or grounds of appeal those may arise at the time of hearing of this appeal.” 2. The facts of the case are, that the return of income of the assessee for the assessment year