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Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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Issues: Whether the penalty imposed under Section 11AC survived when the Tribunal found that the earlier order had already set aside the penalty and only the issues of marketability and exemption had been referred to the Larger Bench.
Analysis: The Tribunal accepted that there was an error apparent from the record in the Larger Bench order. It held that the earlier Division Bench order had already set aside the penalty and that the Larger Bench reference was confined to marketability and exemption under Notification 59/90. The mistake in the earlier order was therefore corrected by sustaining the demand while deleting the penalty.
Conclusion: The penalty under Section 11AC was set aside and the rectification application was allowed.
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