TaxTMI 
TaxTMI 
2019 (1) TMI 605
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....ondent No.2. P.C.: 1. Petitioner-assessee has challenged an order dated 5th September, 2018 passed by the Income Tax Appellate Tribunal ("the Tribunal" for short) by which the application of the revenue for rectification of the Tribunal's judgment dated 28th July, 2015 came to be allowed. 2. Brief facts are as under: Petitioner-assessee is a company. The petitioner had filed a return of in....
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....penalty on the ground that the concealment can be stated to be of the difference between the stated loss and the assessed income. In further appeal the Tribunal passed an order and deleted the penalty making following observations: "4. We have heard the rival submissions and perused the material on record. We find that the AO had completed the assessment determining the income of the assessee at ....
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....edings were disposed of. The Tribunal then referred to the decision of the Gujarat High Court in case of Asst. CIT Vs. Saurashtra Kutch Stock Exchange Securities Ltd. (2013) 33 taxmann.com 118 (Gujarat) and held that not noticing a binding judgment would give rise to a rectifiable mistake. The Tribunal eventually recalled its earlier order and posted the appeal for fresh hearing. 5. We have heard....
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.... income of the assessee from Rs. 34.63 lakhs as Assessing Officer to Nil. The Tribunal noted that the company was defunct and had suffered loss in earlier years. Primarily on such grounds the Tribunal was of the opinion that the penalty could not have been imposed. 7. While accepting the revenue's application for rectification the Tribunal recalled the order and posted the appeal for fresh he....