2017 (8) TMI 934

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....kil Kureshi ) 1. Revenue is in appeal against the judgement of the Income Tax Appellate Tribunal dated 09.11.2016 raising the following substantial question of law for our consideration: Whether the Income Tax Appellate Tribunal is justified in law and in fact in quashing and setting aside order passed by the Assessing Officer levying penalty of Rs. 27,20,443/- which is confirmed by order passe....

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....liance of the appellant on various judicial pronouncements mentioned above is not relevant as in all those cases the entire tax and interest was duly paid either before the completion or assessment or before the conclusion of the impugned penalty order. As against this, in the case of the appellant, even till date i.e. After 4 years of search, the taxes have not been fully paid by the appellant. C....

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....uld be sold for payment of tax. When all these failed, the assessee had paid up the tax also. The assessee's representative before the Tribunal contended as under: "6.....The learning Counsel contended that to pay the outstanding demand the Commissioner of income tax was requested vide letter dated 11.10.2011 to appropriate the seized cash of Rs. 13,50,000/- towards outstanding tax demand. He f....