TMI Blog2016 (12) TMI 370X X X X Extracts X X X X X X X X Extracts X X X X ..... ich came to be reduced by the learned Tribunal to 50%. Therefore, even interest of the assessee has also been protected to the aforesaid extent. However, at the same time the appellant may not be saddled with liability to pay the interest on the penalty for the interregnum period and the liability to pay interest on the penalty, if any, shall commence from the date of penalty i.e. in the present case 11.4.2001. To the aforesaid extent, present appeal is required to be partly allowed and the impugned judgment and order passed by the learned Tribunal is required to be modified to the aforesaid extent. The order passed by the competent authority imposing penalty under Section 45(6) of the Act is hereby confirmed, subject to modification of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the issue of penalty on direction of Assistant Commissioner dt.10401 he passed penalty order on 11409 levying penalty of ₹ 29,68,764/u/ s 45(6) without exercising his own discretion. 3.0. Today, when the present appeal is taken for final hearing, it is reported that the quantum appeal preferred by the assessee being Tax Appeal No. 2120 of 2009 is dismissed by the Division Bench of this Court vide judgment and order dated 12.01.2010. However, the Division Bench while dismissing the said appeal observed that the department may not recover the amount of tax liability till the application preferred by the appellant for exemption under Section 49(2) of the Act, pending before the appropriate authority is decided. It is reported tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appellant may not be saddled with liability to pay the interest on the penalty for the interregnum period and the liability to pay interest on the penalty, if any, shall commence from the date of penalty i.e. in the present case 11.4.2001. To the aforesaid extent, present appeal is required to be partly allowed and the impugned judgment and order passed by the learned Tribunal is required to be modified to the aforesaid extent. 5.0. In view of the above and for the reasons stated above, the order passed by the competent authority imposing penalty under Section 45(6) of the Act is hereby confirmed, subject to modification of the same to the extent that in the peculiar facts and circumstances of the case, liability to pay interest on t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
