https://www.taxtmi.com/caselaws?id=263462 The Tribunal allowed the appeals for statistical purposes and directed the CIT(A) to re-adjudicate the penalty imposition issue under Section 158BFA(2) of the Income Tax Act. The CIT(A) had canceled the penalty imposed by the Assessing Officer, citing pending Supreme Court proceedings and debatable issues. However, as the Special Leave Petitions were dismissed, the penalty issue against the assessee had attained finality. The Tribunal noted the need to consider the second proviso to Section 158BFA(2) and ordered fresh adjudication based on the Supreme Court's order and relevant statutory provisions. en-us Thu, 20 Aug 2015 00:00:00 +0530 Thu, 03 Sep 2015 07:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263462 The Tribunal allowed the appeals for statistical purposes and directed the CIT(A) to re-adjudicate the penalty imposition issue under Section 158BFA(2) of the Income Tax Act. The CIT(A) had canceled the penalty imposed by the Assessing Officer, citing pending Supreme Court proceedings and debatable issues. However, as the Special Leave Petitions were dismissed, the penalty issue against the assessee had attained finality. The Tribunal noted the need to consider the second proviso to Section 158BFA(2) and ordered fresh adjudication based on the Supreme Court's order and relevant statutory provisions. Case-Laws Income Tax Thu, 20 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263462