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TMI Blog2014 (6) TMI 114X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Apex Court - the substantial question of law is answered in favour of the Revenue and against the assessee – the AO shall await the decision of the larger bench of the Hon'ble Supreme Court and may proceed subject to the outcome of the decision that will be rendered by the Supreme Court – Decided in favour of Revenue. - ITA.No.334/2007 - - - Dated:- 4-2-2014 - DILIP B. BHOSALE AND MANOHAR B., JJ. For the Appellant : Sri. K. V. Aravind, Advocate For the Respondent : Smt. Vani. H., Advocate JUDGMENT The Revenue has filed this appeal under Section 260A of the Income Tax Act, 1961 (for short 'the Act') challenging the order dated 22-09-2006 made in IT(SS)A No.7/PANJ/2002 passed by the Income Tax Appellate Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Revenue has preferred this appeal. 2. The Apex Court in the case of CIT v. Suresh N. Gupta (2008) 166 39 Taxman 313 at paragraph Nos.37 and 38 has held as under: 37. According to the assessee, prior to 1st June, 2002, the position was ambiguous as it was not clear even to the Department as to which year's FA would be applicable. To clear this doubt precisely, the proviso has been inserted in section 113 by which it is indicated that FA of the year in which the search was initiated would apply. Therefore, in our view, the said proviso was clarificatory in nature. In taxation, the legislation of the type indicated by the proviso has to be read strictly. There is no question of retrospective effect. The proviso only cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... larger Bench of the Apex Court was at the view that the aforesaid judgment requires to be considered by a larger Bench and accordingly, a direction was issued by the Registry to place the matter before the larger Bench. It was submitted that, now the matter is before the larger Bench. 4. Under these circumstances, as the law stands today surcharge is payable by the assessee. In the event of the larger Bench of the Supreme Court reversing the aforesaid judgment of the Apex Court and holding surcharge is not leviable, the assessee is absolved of the liability to pay surcharge. Therefore, in our view the proper order to be passed is to set aside the order of the Tribunal and remit the matter to the Assessing Authority with the direction to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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