2015 (12) TMI 1126 - HC - Income Tax

Concealment of income imposition of penalty - Held that - Tribunal has set aside the imposition of penalty following a judgment of this Court passed in the case of Commissioner of Income-Tax & another Vs. Manjunatha Cotton and Ginning Factory in (2013 (7) TMI 620 - KARNATAKA HIGH COURT ) Therefore, we do not see any justification to interfere with the impugned order and allow this appeal. However, it is submitted that the Revenue has preferred an appeal before the Hob ble Supreme Court against the said judgment of this Court and it is still pending. In the event of the Revenue succeeding in the appeal, liberty is reserved to the revenue to revive this appeal. - Decided against revenue

Summary

The High Court of Karnataka dismissed the appeal by the revenue challenging the Tribunal's decision to set aside a penalty, citing a previous judgment. The revenue may revive the appeal if successful in a pending Supreme Court appeal.