2019 (8) TMI 630

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....of Mr.R.Murali, learned counsel appearing for the respondent - assessee. 2. This appeal, filed by the Revenue under Section 260A of the Income Tax Act, 1961 (for short, the Act), is directed against the order dated 15.11.2018 made in ITA.No.1846/Chny/2018 on the file of the Income Tax Appellate Tribunal, Madras 'D' Bench (for brevity, the Tribunal) for the assessment year 2012-13. 3. The Revenue has filed this appeal by raising the following substantial questions of law : "i. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in quashing the revision order passed under Section 263 of the Income Tax Act by applying the time limit prescribed for penalty proceedings under Section 27....

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....s and therefore, the Principal Commissioner of Income Tax, Central 2, Chennai-34 namely the appellant issued a notice under Section 263 of the Act dated 09.3.2018 calling upon the assessee to show cause as to why the order passed by the Assessing Officer dropping the penalty proceedings should not be revised. 6. The appellant passed an order dated 27.3.2018 directing the Assessing Officer to impose penalty. Aggrieved by that, the assessee filed an appeal before the Tribunal. The Tribunal, after examining the factual position and taking note of the legal submissions made on behalf of the assessee as well as the Revenue, allowed the appeal. The appeal was allowed by the Tribunal considering the fact situation to examine as to whether the p....