2004 (12) TMI 312 - ITAT CHANDIGARH-B

Extract:
.......g stock, we are of the considered view that the onus which is placed by the Explanation 1(B) to section 271(1)(c) upon the assessee stood discharged. We are, therefore, of the considered view that penalty under section 271(1)(c) is not warranted in this case. The same is accordingly deleted. 31. In the result, the appeal of the assessee is allowed.