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2020 (7) TMI 629 - HC - Income TaxPenalty u/s 271D - violation of Section 269SS - reasonable cause to be entitled to the benefit of Section 273B - HELD THAT:- We find that the Tribunal did not examine the nature of transaction and the issue as to whether the CIT(A) was justified in accepting the cause shown by the assessee to be a reasonable cause to be entitled to the benefit of Section 273B - The decision, which has been referred to in paragraph 8 of the impugned order, does not relate to the assessee. Tribunal referred to the said decision and allowed the Revenue’s appeal and affirmed the penalty imposed by the Assessing Officer. We find that there is no discussion as to why those two decisions rendered by the Coordinate Bench of the Tribunal in the assessee’s own case respectively dated 31.10.2013 [2013 (10) TMI 1327 - ITAT CHENNAI] and 22.7.2014 [2014 (7) TMI 1329 - ITAT CHENNAI]could not be applied to the facts and circumstances of the present case. In the instant case, there are two decisions of the Coordinate Bench of the Tribunal, which held that the assessee had a reasonable cause and consequently entitled to the benefit of Section 273B of the Act. Therefore, in our considered view, the decision in the case of the assessee’s brother – M.Sougoumarin [2018 (5) TMI 1731 - MADRAS HIGH COURT] is distinguishable on facts and this decision cannot be applied to the facts and circumstances of the case on hand. We are not inclined to examine the merits of the matter nor make an attempt to answer the substantial questions of law, as we are of the considered view that the matters require to be reconsidered by the Tribunal for the reasons we have set out in the preceding paragraphs. It is for the Tribunal to take note of the fact and deal with the earlier orders passed by its Coordinate Bench which ended in favour of the assessee. - substantial questions of law are left open.
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