ITAT deletes penalty as quantum additions itself been deleted

ACIT Vs M/s. Aerens Buildwell Ltd. (ITAT Delhi)  As noticed, the Tribunal in the quantum proceedings has reversed the action of the Revenue. It is trite that penalty under Section 271(1)(c) is not automatically attracted merely because it is lawful to do so. The penalty is not ordinarily to be imposed unless assessee obliged in law, either acted deliberately in defiance of law or guilty of dishonest conduct or acted in conscious disregard of its obligation. The decision of the Tribunal in favour of the assessee implies absence of such possibilities. Thus, in view of the fact that quantum addi...