1988 TAX. L. R. 680 ::(1987) 66 CurTaxRep 134 ::(1988) 172 ITR 651 ::(1988) 36 Taxman 141 ::(1988) 88 Taxation 34

Delhi High Court

Hon'ble Judge(s): S. Ranganathan, P. K.bahri , JJ

Reference - Direction to Tribunal to submit statement of case - Cases involving questions of law - Direction to submit statements issued. Income-tax Act (43 of 1961) , S.256— In the instant case the orders passed by the Tribunal in three cases relating to same assessee involved following questions. Whether on the facts and in the circumstances of the case the Tribunal was justified in cancelling the penalty order on the ground that the IAC had no jurisdiction to levy the penalty? Whether on the facts and in the circumstances of the case the Tribunal was justified in cancelling the penalty order on the question of period of limitation by holding that limitation should be counted from the date of service of Tribunal's order on C.I.T.-I, New Delhi and not on C.I.T. (Central), New Delhi, with whom the jurisdiction over the case actually vested? Whether on the facts and in the circumstances of the case the ITAT was correct both on facts and in law in recalling paras 10, 11 and 12 of their order dt. 25-9-1981 for reconsideration after particularly upholding the fact that the penalty u/s. 271(1)(c) was exigible and the assessee was guilty of wilful omission and under-valuation of the closing stock? Whether on the facts and in the circumstances of the case the Income-tax Appellate Tribunal was correct both on facts and in law in holding that the penal....