9911796707
TMI Blog2011 (2) TMI 951X X X X Extracts X X X X X X X X Extracts X X X X ..... r, Advocate for the respondent A DARSH KUMAR GOEL, J ( Oral) . 1. Since Registry has not been able to send the file on account of fire in the Court premises, learned counsel for the revenue has furnished copy of paper-book which is taken on record. We proceed to decide the matter after hearing learned counsel for the parties. 2. This appeal has been preferred by the revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing the judgment of the Hon'ble Punjab and Haryana High Court in the case of Munish Iron Store (2003) 263 ITR 484 even though the facts of the present case are entirely different than the case of M/s Munish Irong Store (supra)? iii) Whether on the facts and in the circumstances of the case, the Hon'ble ITAT was correct in not deciding the issue of levy of penalty u/s 271(1)(c) of the I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der Section 54F was allowed. On further appeal, the Tribunal upheld the claim of the assessee. It was held that investment by the assessee was only in one residential house and investment in land was after the sale. 4. Learned counsel for the assessee states that no appeal has been filed by the revenue against the order of the Tribunal whereby plea of the assessee for exemption was upheld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not specifically recorded in the order of assessment, such satisfaction could be discerned from the said order and thus, levy of penalty was valid. Reliance has been placed on Commissioner of Income Tax Vs Pearey Laland sons (EP) Ltd. (2009) 308 ITR 438 (P&H). She, however, expressed ignorance about success of the assessee in quantum matter. 8. In view of the statement made by the learned ..... X X X X Extracts X X X X X X X X Extracts X X X X
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