2010 (2) TMI 256

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.... JUDGMENT The judgment of the court was delivered by 1. Dr. D. Y. Chandrachud J.- Admit. 2. The issue involved in this appeal against the decision of the Income-tax Appellate Tribunal dated April 4, 2008 is whether the Tribunal has set aside the penalty imposed by the Assessing Officer under section 158BFA(2) of the Income-tax Act, 1961 for valid and justifiable reasons. 3. The facts....

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.... income determined by the Assessing Officer under clause (c) of section 158BC. The proviso to sub-section (2) carves out an exception and provides the circumstances in which no order imposing a penalty shall be made. One of the requirements thereof is that the tax payable on the basis of such return under clause (a) of section 158BC has been paid ; or if the assets seized consist of money, the ass....

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.... hereby reserve the findings of the authorities below and direct to delete the penalty." 5. There is merit in the submission which was urged on behalf of the Revenue that the Tribunal has not applied its mind as to whether the penalty in the present case was imposed in the judicious exercise of his discretion by the Assessing Officer. The contention of the Revenue is that since the assessee has....