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TMI Blog2013 (12) TMI 191X X X X Extracts X X X X X X X X Extracts X X X X ..... anufacturing and trading in engineering plastics and related products, erection and commissioning services, export of computer software etc. Assessment u/s 143(3) of the Act was completed on 29th December, 2006 wherein following adjustments/disallowances were made to the return of income:- * Denial of set off business loss and prohibition on carry forward of business loss; * Net disallowance of Rs. 9,59,91,566/- on account of non-acceptance of revised return; and * Transfer pricing adjustment of Rs. 2,11,55,611/- In appeal ld. CIT(A) vide its order dated 17th July, 2012 deleted net disallowance of Rs. 9,59,91,566/- on account of non-acceptance of revised return. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vant order has been filed before Hon'ble I.T.A.T., the time limit for disposal of penalty proceeding is six months from the end of the month in which the order of the Hon'ble I.T.A.T. is received by the Commissioner/Chief Commissioner. Hence, it was argued upon that the ld. CIT(A) would have adequate time to dispose of penalty proceeding even after receipt of order passed by Hon'ble I.T.A.T. This request of the assessee was not accepted by ld. CIT(A) hence this stay petition has been filed by the assessee. 4. At the time of hearing ld. counsel of the assessee submitted that ld. CIT(A) is acting in undue haste and not waiting till the disposal of assessee's appeal in quantum proceeding by Hon'ble I.T.A.T. despite the fact that as per the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll stand revived automatically and without further orders of this Court." Reliance was also placed on the judgment of Hon'ble Allahabad High Court in the case of Commercial Engineers Body Builders Co. (P.) Ltd. v. Union of India 163 Taxman 218 wherein it was held as under:- "Learned counsel for the petitioner has submitted that in the present case penalty notice under section 274 read with section 271 of the Income-tax Act was issued for the first time by the Commissioner, Income-tax (Appeals) and no penalty proceeding was issued by the Assessing Officer while framing the assessment. Looking to the facts and circumstances of the case we direct that, in the mean time, till the disposal of the appeal before the Trib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al on 4th October, 2012 which is in fact the first appeal of the assessee against the enhancement of income by ld. CIT(A). As the appellate proceedings are already on, we are not going into the merits of the case. However, it will not be out of place to mention that the contention of the assessee that it has prima facie case in its favour, has not been commented upon by the Revenue. As per the provisions of Section 275(1)(a) of the Act Assessing Officer cannot pass an order imposing penalty u/s 271(1)(c) of the Act till relevant assessment is subject matter of appeal before ld. CIT(A) (i.e. the first appellate authority). By the same analogy assessee's prayer for stay of penalty proceedings undertaken by ld. CIT(A) till the disposal of appe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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