2019 (12) TMI 1522 - HC - Income Tax

Order passed by CIT u/s 264 - rejecting the prayer of the petitioner on the ground that the petitioner has not filed the copy of the Auditor Statement under Section 80 JJAA - HELD THAT - As petitioner submitted that the issue can be decided by the respondents in the light of the decision of the Madras High Court in The Commissioner of Income Tax vs. AKS Alloys P.Ltd. 2011 (12) TMI 39 - MADRAS HIGH COURT and in The Commissioner of Income Tax vs. Punjab Financial Corporation 2001 (12) TMI 50 - PUNJAB AND HARYANA HIGH COURT and the decision of GM Knitting Industries P. Ltd 2015 (11) TMI 397 - SC ORDER . Since the issue was covered by the aforesaid decisions the impugned order is set aside. This case is remitted back to the Commissioner of Income Tax to pass appropriate orders after considering the aforesaid decisions.

Summary

The High Court of Madras ruled in favor of the petitioner challenging the order of the Commissioner of Income Tax for the Assessment Year 2005-2006 under Section 264 of the Income Tax Act. The court set aside the order and remitted the case back to the Commissioner for reconsideration based on relevant legal decisions. The Writ Petition was disposed of with no costs.