Kudos Chemie Ltd v. Commissioner Of Income Tax

The dispute, in the present case, is whether the CIT could have deleted penalty imposed upon the petitioner and whether the ITAT could have restored the penalty by imposing penalty of `10 lacs. The revenue has filed ITA No. 95 and 119 of 2014, asserting that as the ITAT has restored the penalty, it should have restored the penalty imposed by the assessing authority. The issue, would be required to be considered by reference to Section 221 (1) read with Section 140-A (3) of the Income Tax Act, 1961.

Adjourned to 12.11.2014.

A photocopy of the order be placed on the file of the other connected case.

(RAJIVE BHALLA) JUDGE (AMIT RAWAL) JUDGE September 26, 2014 archana