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Issues:
1. Justification of setting aside the penalty imposed by the Assessing Officer under section 271(1)(c) of the Act. 2. Determining the quantum of penalty amount under section 271(1)(c) of the Act in light of a previous court order. Analysis: The High Court heard an appeal filed by the Revenue against an order passed by the Tribunal. The court noted that the appeal was admitted for final hearing without formulating the substantial question of law as required. The court proceeded to formulate the substantial questions of law, which included the justification of setting aside the penalty imposed by the Assessing Officer under section 271(1)(c) of the Act and the determination of the penalty amount in light of a previous court order. The court considered the arguments presented by both parties and reviewed the case record. Upon examination of the facts and subsequent events during the pendency of the appeal, the court found it necessary to remand the case to the Tribunal for a fresh decision on the issue of the quantum of penalty to be imposed on the assessee under section 271(1)(c) of the Act. The court highlighted that a previous court order had upheld an addition in the assessment proceedings, which affected the consideration of imposing a penalty. The court emphasized that the Tribunal's decision was based on the appellate order, which was subsequently reversed by the court, necessitating a reevaluation of the penalty imposition. In conclusion, the High Court allowed the appeal, set aside the impugned order, and remanded the case to the Tribunal for a fresh decision on the merits of determining the quantum of penalty to be imposed on the assessee under section 271(1)(c) of the Act. The court directed the Tribunal to complete the reconsideration within three months, setting a deadline for the parties to appear before the Tribunal for further proceedings. No costs were awarded in this judgment.
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