C I T Vs M/S Rubber Udyog Vikas P Ltd.

This appeal has been preferred by the revenue under Section 260-A of the Income Tax Act, 1961 (for short, “the Act”) against order dated 15.11.2006 passed by the Income Tax Appellate Tribunal, Delhi Bench “I”, New Delhi in I.T.A. No.762/DEL/2005 for the assessment year 1994-95, proposing to raise following substantial question of law:-

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“Whether, on the facts and in the circumstances of the case the Hon’ble ITAT in upholding the order of Ld. CIT(A) in deleting the penalty levied by Assessing Officer u/s 271 (1)(c) when the Assessing Officer had recorded his satisfaction for initiation of penalty proceedings u/s 271(1) (c) in the assessment order in contravention of the order of

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ITA. No.635 of 2007

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2

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the Hon’ble Madras High Court in the case of M. Sajjanraj Nahar Vs. CIT (283 ITR 230).”

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Learned counsel for the revenue points out that the said issue has been gone into by this Court in I.T.A. No.221 of 2006 ( Commissioner of Income Tax v. M/s Pearey Lal & Sons (EP) Ltd.) decided on 25.9.2008.

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We have heard learned counsel for the parties.

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We find that the issue is covered by the earlier judgment of

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this Court in M/s Pearey Lal & Sons ( supra) .

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Accordingly, we allow this appeal in the same terms and remand the matter to the Tribunal, on the issue of penalty, for fresh decision in accordance with law.

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( ADARSH KUMAR GOEL ) JUDGE

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November 06, 2008 ( L. N. MITTAL ) ashwani JUDGE

C I T v. M/S Rubber Udyog Vikas P Ltd.

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C I T v. M/S Rubber Udyog Vikas P Ltd.

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