9911796707
TMI Blog2021 (12) TMI 566X X X X Extracts X X X X X X X X Extracts X X X X ..... of bona fide belief or reasonable cause relied on by the assessee. We refrain from undertaking the responsibility of examining the case of assessee that the assessee had reasonable cause for not following the requirement of law. But we are of the view that the matter, if remitted to the Tribunal, the parties would have reasonable opportunity and thereupon the claim/explanation of the assessee considered by the Tribunal. Substantial questions accordingly are answered in favour of the Revenue and against the assessee. The order of Tribunal is set aside. Matter remitted to the Tribunal for disposal in accordance with law. - ITA NO. 79 OF 2015 - - - Dated:- 28-9-2021 - THE HONOURABLE MR.JUSTICE S.V.BHATTI AND THE HONOURABLE MR.JUSTICE VI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 70 Taxmann 9, the Tribunal is right in holding that penalty provisions cannot be applied to the assessee's case as there was no unaccounted money involved? 4. The issues relating to the levy of penalty under Section 269T read with 271E arise for consideration. Read order dated 28.09.2021 in I.A. No.2905/2017. This Court through the order in I.A. No.2905/2017 accepted the prayer of Revenue for bringing on record a few documents which have bearing on the findings recorded by the Tribunal on 'bona fide belief' available to an assessee under Section 269T of the Act for exonerating from the pain of penalty. 5. The circumstances relevant for disposing of the appeal are briefly stated thus. The assessee, a partnership firm, was e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see is perverse and the approach of the Tribunal has literally diluted the penalty proceedings initiated through order in Annexure- A. There is no justification in fact or material supporting the view of the Tribunal and the provision of law is wrongly applied to exercise the appellate jurisdiction resulting in setting aside of penalty order. By referring to the documents now permitted on record, he argues with great force that the Tribunal accepts more than what the depositor (Thomas) declared to the Department. He argues that these documents, for reasons not discernable at this point of time, couldn't be brought to the notice of the Tribunal. He further developed the argument that the documents since are on record, the findings of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee which is not impugnable. In normal course, the findings recorded by the Tribunal would have been examined by this Court to the extent permissible in law and answered the questions. The additional documents now brought on record, it is possible, may invite fresh examination of bona fide belief or reasonable cause relied on by the assessee. We refrain from undertaking the responsibility of examining the case of assessee that the assessee had reasonable cause for not following the requirement of law. But we are of the view that the matter, if remitted to the Tribunal, the parties would have reasonable opportunity and thereupon the claim/explanation of the assessee considered by the Tribunal. 11. Substantial questions accordingly are a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
