2024 (7) TMI 1281

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Act, while observing that the Appellate Tribunal upheld the claim of the assessee respondent as regards deductions claimed u/s 54B of the Act, and setting aside of the quantum addition. 3. Arguments heard. File perused. 4. As is available from the penalty order dated 29.03.2019, relating to assessment year 2013-14, the Assessing Officer levied penalty of Rs. 1,11,10,900/-u/s 271(1)(c) of the Act, having arrived at the conclusion that the assessee furnished inaccurate particulars of income, without any reasonable cause. 5. As is available from the order of penalty, the assessee had challenged the assessment framed u/s 143(3) of the Act, by filing the appeal before Learned CIT(A)-2, Jaipur. That appeal was partly allowed by the Le....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....l may be kept in abeyance. Even otherwise, on dismissal of an appeal by the Hon'ble High Court, the authorities below are bound to give effect to the decision by the Hon'ble High Court as per directions contained therein. 10. On the other hand, Ld. AR for the assessee has referred to the provisions of section 275(IA) of the Act and urged that this appeal filed by the department is not maintainable. Ld. DR for the appellant has submitted that provisions of section 275(1A) of the Act do not apply to the given situation, and as such, there is no merit in the contention raised on behalf of the assessee. 11. Sub-section (1A) of Section 275 of the Act reads as under:- "[(1-A) In a case where the relevant assessment or other orde....