ITAT Dismisses Revenue's Appeal, Rules Section 271G Penalty Inapplicable Based on Bombay High Court Precedent.

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....The ITAT rejected the Revenue's appeal and held that the penalty u/s 271G was not exigible. The ITAT relied on the Bombay High Court's decision in Undercarriage and Tractor Parts (P.) Ltd. Vs. Dispute Resolution Panel, wherein the High Court had quashed the assessment order passed u/s 143(3) read with section 144C(13). The ITAT observed that the CIT(A) had failed to consider this High Court decision while allowing the assessee's penalty appeal. Since the Revenue did not bring any contrary decision of a Higher Forum, the ITAT held that the impugned penalty was not leviable and dismissed the Revenue's appeal.....