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2019 (3) TMI 1956 - AT - Income TaxPenalty imposed u/s 271(1)(c) - diversified views - HELD THAT:- Members constituting the co-ordinate Bench passed the divergent orders qua imposition and affirmation of penalty u/s 271(1)(c), therefore reference u/s 255(4) of the Act was made to the Hon’ble President of ITAT for adjudication of the issues under consideration by Ld. Third Member [2019 (6) TMI 1283 - ITAT AMRITSAR] who decided the issues in favour of the assessee and directed the registry to list these appeals before the Division Bench for passing an order in confirmity with the majority view (kindly refer para no. 9 to 12 of the order) . As per section 255(4) of the Act, the majority view is final and consequential order is required to be passed and hence as per majority view, the penalty imposed by the Assessing Officer and sustained by the ld. CIT(A) is liable to be deleted. Consequently, the penalty stands deleted.
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