2011 (2) TMI 881 - HC - Income Tax

Cancelling the penalty levied under Section 271(1)(c) - the concealment of income on account of under valuation of closing stock of the rice - t the matter is covered by order of this Court in CIT v. Pearey Lal and Sons (EP) Ltd. (2008 -TMI - 32381 - PUNJAB AND HARYANA HIGH COURT), wherein it was held that a formal order of satisfaction was not required to be recorded, as held by the Tribunal in the impugned order - Hence, the impugned order of the Tribunal and remand the matter to it for a fresh decision on merits in accordance with law.

Summary

The High Court of Punjab and Haryana heard an appeal by the revenue under Section 260-A of the Income Tax Act, 1961. The appeal was against the order of the Income Tax Appellate Tribunal, Chandigarh for the assessment year 1991-92. The court set aside the Tribunal's order and remanded the matter for a fresh decision on merits in accordance with the law. Parties were directed to appear before the Tribunal on 18.4.2011.