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2013 (11) TMI 1052 - HC - Income TaxPenalty u/s 271(1)(c) - Held that:- tribunal had granted relief following the decision in Parmanand M. Patel [2005 (7) TMI 72 - GUJARAT High Court] - It is not in dispute that the decision in case of Parmanand M. Patel [Supra] was rendered considering pre-amended Section 271 [1] of the Income-tax Act, 1961 {“Act” for short}. It is also not in dispute that the Tribunal was required to consider post-amended provision of section 271 [1] of the Act. Under the circumstances, the impugned judgment and order passed by the Tribunal cannot be sustained and the same deserves to be quashed and set-aside - matter remanded back to ITAT for fresh decision.
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