2009 (7) TMI 60

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..... also initiated for penalty. Finally, penalty was levied – ITAT set aside the penalties – matter remanded to ITAT - 973 of 2008 (O&M) - - - Dated:- 31-7-2009 - ADARSH KUMAR GOEL and DAYA CHAUDHARY, JJ. Mr. Rajesh Katoch, Advocate, for the appellant. Mr. Vibhav Jain, Advocate, for respondent. JUDGMENT ADARSH KUMAR GOEL, J. - The revenue has preferred this appeal under Section 2 .....

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..... ncome of the assessee has been assessed at a loss figure?" C " Whether, on the facts and in the circumstances of the case, the Hon'ble ITAT is right in confirming the deletion of penalty under Section 271(1)c) by relying on the Apex Court decision in the case of Virtual Soft Systems Ltd., (189-ITR-83) as the issue has now been finally resolved by the larger bench of the Hon'ble Supreme Court in .....

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..... ourt in Virtu al Soft Systems Ltd v. CIT (2007) 289 ITR 83. It is stated that the judgment relied upon by the Tribunal has been overruled by the Hon'ble Supreme Court in Commissioner of Income Tax v. Gold Coin Health Food Pvt Ltd., (2008) 304 ITR 308. This is not disputed by learned counsel for the assessee. In view of the above, this appeal is allowed. The order of the Tribunal is set as .....

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