TMI Blog2008 (9) TMI 32X X X X Extracts X X X X X X X X Extracts X X X X ..... n merits requires re-consideration - insofar as the plea of validity of proceedings u/s 271 (1)(c) are concerned, the revenue’s appeal is allowed inasmuch as sub-section (1B) is introduced with retrospective effect from 1.4.89 - 1332/2006 and 1497/2006 - - - Dated:- 22-9-2008 - Advocates who appeared in this case: For the Appellant : Mr J. R. Goel For the Respondent : Mr Kaanan Kapur CORAM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ses: 246 ITR 568. The Tribunal, however, on merits had found in favour of the revenue in respect of the assessee's claim of deduction of Rs.23,50,000/-. According to the assessee the said amount had mistakenly been claimed in the return whereas in the Profit and Loss Account and Balance Sheet it had been appropriately indicated. According to the revenue this was not a bona fide mistake but it amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore, the Tribunal has returned a finding on merits against the assessee on the basis of the understanding that the assesee had not paid any advance tax on the said amount, which is factually incorrect according to the learned counsel for the assessee. 3. In view of the submissions made by the counsel for the parties, we feel that insofar as the plea of validity of proceedings under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed mistake on the part of the assessee amounted to intentional non-furnishing of accurate particulars, we feel that it would be appropriate that the matter on this aspect is remanded to the Tribunal for consideration afresh. 4. Consequently, we dispose of the appeals as well as the cross-objections by setting aside the impugned order both on the question of recording of satisfaction as well a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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