In the result, the appeal of the assessee is allowed
Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)
273B of the Act. 3. The ld. CIT(A) erred in ignoring the introductory purpose of Section 269SS under XXB of the Act and the decision of Hon’ble Supreme Court in case of Hindustan Steel, 93 ITR 26 and ADIT vs Kum. A.B. Shanthi, 255 ITR 258 in this regard. The penalty is not sustainable