2024 (4) TMI 1083 - SCH - Income Tax

Legality of revision of order of Tribunal u/s 254 on ground of retrospective overruling - Penalty imposed u/s 271(1) if returned income is a loss - Revenue contended that order of Tribunal had been based entirely on the decision of the Supreme Court decision and the latter decision had been subsequently overruled by a larger Bench of the Supreme Court thus there was a mistake apparent on the face of the record HELD THAT - The three appeals preferred by the Revenue in respect of assessment year 1993-1994 1996-1997 1997-1998 against the common order of the CIT appeals were allowed by the Income Tax Appellate Tribunal Delhi Bench vide order 2009 (4) TMI 1064 - ITAT DELHI . She has handed over the photostat copy of the order. It seems that in their Writ Petition( 2012 (6) TMI 39 - DELHI HIGH COURT ) filed before the High Court of Delhi the petitioner did not lay challenge to the aforesaid order of the Tribunal which has attained finality. Faced with this learned counsel for the petitioner seeks and is granted one week s time to have instructions. Post this matter for hearing on 23.04.2024 (NMD).

Summary

The Supreme Court allowed three appeals by the Revenue against the CIT appeals order from 25.04.2007 for assessment years 1993-1994, 1996-1997, and 1997-1998. The petitioner did not challenge this order before the High Court of Delhi. The petitioner was granted one week to seek instructions, and the matter was scheduled for hearing on 23.04.2024.