9911796707
TMI Blog2012 (7) TMI 422X X X X Extracts X X X X X X X X Extracts X X X X ..... POOR, AM: This is an appeal filed by the assessee against the order of Ld CIT(A)-XV, New Delhi dated 5,1.2012 for assessment year 2003-004. The grounds raised by the assessee are as under:- 1. Because the action is being challenged on facts and law since having dismissed appeal summarily, in violation to the provisions of section 250(6) without stating the order disposing shall be in writ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... action is being challenged on facts and law for upholding the levy of penalty of Rs.403329/- which is attributable to a highly datable issue wherein even the virus of the provisions inserted by the Taxation Laws (Amendment) Act, 2005 w.e.f. 1.4.1988 are under challenge and were in introduced after return filing dated 2.12.2003. Prayer i) For a decision in poursuance to the ratio of CIT v. Vikas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer in respect of following points:- 1. With respect to validity of retrospective amendment made in section 80HHC by Taxation Laws Amendment Act, 2005 w.e.f. 1.4.1998 in view of the fact that matter was pending before various Courts. 2. With respect to interest earned income to verify if any expenditure was incurred for earning interest. 3. The Assessing Officer then vide order dated 12.11.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The relevant portion of CIT(A)'s order is reproduced below:- "Notice u/s 250 was issued on 11.11.2011 by this office and the hearing was fixed for 8.12.2011. On the said date the appellant's counsel appeared and sought adjournment on the grounds that the matter being old they are in the process of tracing documents. This request of the appellant's counsel was acceded and the hearing was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Ld DR had no objection if the matter is remitted back. 9. We have heard the rival submissions of both the parties and have gone through the material available on record. We are of the opinion that since the retrospective application of proviso (iv) to section 80HHC is still pending with various Courts, the penalty issue arising out of non implementation of this section cannot be imposed till t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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