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2005 (1) TMI 34 - HC - Income TaxViolation of the rules of natural justice – duty of tribunal - "Whether Tribunal was justified in deleting the penalties imposed under sections 271D and 271E by holding that the assessee has made transactions of cash bona fide and under ignorance of the provisions of the Income-tax law, ignoring the fact that ignorantia legis non-excusat (ignorance of law is no excuse)?" - The flowery language used by the Tribunal to justify its acceptance of the respondent's plea that he did not know the law does not warrant our affirmation. In our opinion, the Tribunal was duty bound to record tangible and cogent reasons for upsetting well reasoned orders passed by the Assessing Officer and the Commissioner of Income-tax (Appeals). – Hence order passed by Tribunal is set aside
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