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2018 (9) TMI 620 - AT - Income TaxPenalty levied u/s 271(1)(c) - Revision u/s 263 on share capital - Held that:- It is pertinent to note that as of today the situation is that order passed u/s 263 has been quashed by the Tribunal vide order dated 30/5/2016 [2016 (5) TMI 1453 - ITAT DELHI]. These two appeals are passed in consequence to the order u/s 263 which is now quashed. Therefore, these two appeals does not survive. There is no appeal pending in Hon’ble High Court. Therefore, both the appeals are dismissed. The revenue is at liberty to revive these appeals in case the Hon'ble High Court given the decision in favour of the Revenue. - Decided in favour of assessee.
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