Penalty cannot be levied if claim was as per judicial precedents

PCIT Vs. Dhariwal Industries Ltd (Bombay High Court) Mr Tejveer Singh, learned counsel appearing on behalf of the Revenue, relied upon a decision of the Division Bench of this Court in the case of Principal CIT-2 v/s Shree Gopal Housing and Plantation Corporation, Mumbai in Income Tax Appeal No.701 of 2015 decided on 6th February, 2018 to contend that merely because an appeal has been admitted by this Court in the quantum proceedings, would not automatically mean that the penalty ought to be deleted. Considering the facts that we have discussed above and especially considering that when the cl...