Addition on which penalty levid under sec 271 can be restored to the file of the AO on reasonable cause

Last updated: 15 February 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
After considering the rival submissions we find that additions on which penalty has been levied u/s.271(1)© have been restored to the file of the AO by the Tribunal in I.T.A.No.6065/Mum/07 [copy of order filed on record]. Therefore, we are of the view that penalty proceedings need to be set aside to the file of the AO. Accordingly, we set aside the order of the ld. CIT(A) and remit the matter back to the AO with a direction to consider the penal provisions after completion of the assessment.

Citation :
M/s. Synergy Log-In-Systems Ltd.,Now called Globseyn Infotech Ltd.,No. 401/402, Samarth Vaibhav,Lokhandwala Complex, Off Link Road, Andheri West,Mumbai 400 053.PAN: AABCS 9108 H (Appellant) Vs. Dy. Commissioner of I.T., Circle 7(1),Mumbai. (Respondent)