TaxTMI 
TaxTMI 
2009 (7) TMI 734
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.... (Appeals) affirming an order of penalty passed by the Assessing Officer under section 271(1)(c) of the Income-tax Act, 1961. Thereafter, the learned Tribunal had remanded the matter to the Assessing Officer for a fresh consideration in accordance with the directions contained in the order of the learned Tribunal. Aggrieved, the assessee has instituted the present appeal under section 260A of the Income-tax Act, 1961. 2. We have heard Sri A. Goyal, learned counsel for the appellant-assessee and Sri U. Bhuyan, learned standing counsel of the Income-tax Depart-ment. 3. The brief facts that will be required to be noticed for the purposes of the present adjudication may now be set out hereunder : 4. In the course of computation of the ....
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....irmed by the creditors total-ling Rs. 5,85,537 was treated as the undisclosed income of the assessee. By the assessment order dated March 31, 2005, penalty proceedings were directed to be initiated against the assessee. 5. In the course of the penalty proceedings the assessee appeared before the Assessing Officer and, inter alia, contended that the director of the assessee-firm had no knowledge of accountancy and that the mistake in question was committed by the accountant of the firm. It was also contended that mere failure on the part of the assessee to explain the situation would not be sufficient for the levy of penalty. Additionally, it was contended that the major addition made in the assessment pertained to M/s. Phil Corporation L....
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.... order of the learned Tribunal it clearly transpires that the learned Tribunal found the imposition of penalty to be not tenable. The learned counsel has submitted that that should have been the end of the matter and the learned Tribunal could not have required the Assessing Officer to repeat the exercise all over again. Consequently, according to the learned counsel, the aforesaid part of the order of the learned Tribunal, i.e., remanding the matter to the Assessing Officer would call for the court's interference. 8. Opposing the contentions advanced on behalf of the assessee, Sri Bhuyan, learned standing counsel for the Department has contended that it was within the power and discretion of the learned Tribunal to require the Assessing....
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....the Income-tax (Appellate Tribunal) Rules, 1963. 10. The power of remand vested in an appellate forum is to be exercised on a satisfaction that the issue needs to be re-decided in the light of additional materials that are not on record. If materials are already available on record to enable the appellate forum to decide the matter finally the question of remand may not arise. However, if such materials had not been brought on record by either of the parties and the appellate forum is of the view that such materials should be brought on record and thereafter the matter re-decided, the power of remand may be exercised. In the present case, the learned Tribunal took the view that the relevant facts and materials had not been brought on the....