ITAT upheld deletion of penalty as the exemption issue was pending before the High Court. The assessee had filed an undertaking under Section 158A. The ruling highlights that penalty cannot be sustained when the core issue is yet to be finally adjudicated.
The post Section 271(1)(c) Penalty Deleted Due to Pending HC Decision on Section 10(26BBB) Exemption Claim appeared first on TaxGuru.
