TMI Blog2011 (4) TMI 1370X X X X Extracts X X X X X X X X Extracts X X X X ..... the same has been barred by limitation in view of section 275 (1) (a)? [B] Whether on the facts and circumstances of the case and in law, the Appellate Tribunal erred in not observing that various transactions which have been subject matter of penalty proceedings are also dealt with in the assessment order. In fact the original of which are not books of accounts of the assessee, as such, section 275 (1) (c) is applicable in this case and not section 275 (1) (a)? From the above portion it can be seen that issue pertains to imposition of penalty against the assessee under Section 271 D of the Income Tax Act and whether the same in facts of the case was barred by limitation in view of the provisions contained in Section 275 (1) (c) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T (A) has quoted various decisions of the High Courts and Tribunals. The Tribunal therefore was of the opinion that it need not go into merits of the case and was not inclined to interfere with the order of the CIT (A). In few cases we have noticed that the Tribunal without giving any reasons at all has either rejected or allowed the appeals, be of the assessee or the revenue. We are of the opinion that the Tribunal discharging important judicial functions, is required to give reasons howsoever brief for the ultimate conclusion, it has reached while either accepting or rejecting the appeal. It is by now well settled that the Tribunal is a final fact finding authority. Income Tax Tribunal also is a specialized Tribunal dealing permanently ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is meant to serve the wider principle of justice that justice must not only be done it must also appear to be done as well. d. Recording of reasons also operates as a valid restraint on any possible arbitrary exercise of judicial and quasi-judicial or even administrative power. e. Reasons reassure that discretion has been exercised by the decision maker on relevant grounds and by disregarding extraneous considerations. f. Reasons have virtually become as indispensable a component of a decision making process as observing principles of natural justice by judicial, quasi-judicial and even by administrative bodies. g. Reasons facilitate the process of judicial review by superior Courts. h. The ongoing judicial trend i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment to record reasons emanates from the broad doctrine of fairness in decision making, the said requirement is now virtually a component of human rights and was considered part of Strasbourg Jurisprudence. See (1994) 19 EHRR 553, at 562 para 29 and Anya vs. University of Oxford, 2001 EWCA Civ 405, wherein the Court referred to Article 6 of European Convention of Human Rights which requires, adequate and intelligent reasons must be given for judicial decisions . o. In all common law jurisdictions judgments play a vital role in setting up precedents for the future. Therefore, for development of law, requirement of giving reasons for the decision is of the essence and is virtually a part of Due Process . Under the circumstances, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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