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2016 (3) TMI 149 - HC - Income TaxPenalty u/s 271 - Amount disclosed under Section 132(4) - Held that:- A perusal of the order of the Tribunal shows that the order passed by the Tribunal in the factual matrix involved herein requires to be re-adjudicated in the light of the interpretation given by the Apex Court in Gebilal Kanhaialal's case (2012 (9) TMI 297 - SUPREME COURT ) to clause (2) of Explanation 5 to Section 271(1)(c) of the Act as the Tribunal is the final fact finding authority who is required to deal with all aspects of facts and law before recording its conclusions based thereon. Accordingly, the impugned orders are set aside and the matter is remanded to the Tribunal to decide the same afresh after hearing the parties and by passing a speaking order in accordance with law.
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