2011 (4) TMI 1370

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.... of the CIT (A), in deleting the penalty levied u/s. 271D, on the grounds that the same has been barred by limitation in view of section 275 (1) (a)? [B] Whether on the facts and circumstances of the case and in law, the Appellate Tribunal erred in not observing that various transactions which have been subject matter of penalty proceedings are also dealt with in the assessment order. In fact the original of which are not books of accounts of the assessee, as such, section 275 (1) (c) is applicable in this case and not section 275 (1) (a)?" From the above portion it can be seen that issue pertains to imposition of penalty against the assessee under Section 271 D of the Income Tax Act and whether the same in facts of the case was....

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....ons whatsoever for rejecting the appeals. All that the Tribunal stated was that the CIT (A) has quoted various decisions of the High Courts and Tribunals. The Tribunal therefore was of the opinion that it need not go into merits of the case and was not inclined to interfere with the order of the CIT (A). In few cases we have noticed that the Tribunal without giving any reasons at all has either rejected or allowed the appeals, be of the assessee or the revenue. We are of the opinion that the Tribunal discharging important judicial functions, is required to give reasons howsoever brief for the ultimate conclusion, it has reached while either accepting or rejecting the appeal. It is by now well settled that the Tribunal is a final fact fin....

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....ity must record reasons in support of its conclusions. c. Insistence on recording of reasons is meant to serve the wider principle of justice that justice must not only be done it must also appear to be done as well. d. Recording of reasons also operates as a valid restraint on any possible arbitrary exercise of judicial and quasi-judicial or even administrative power. e. Reasons reassure that discretion has been exercised by the decision maker on relevant grounds and by disregarding extraneous considerations. f. Reasons have virtually become as indispensable a component of a decision making process as observing principles of natural justice by judicial, quasi-judicial and even by administrative bodies. ....