JAGATKUMAR & CO. P.LTD,MUMBAI vs. ITO 2(2)(1), MUMBAI

This appeal is filed by the assessee against the order of the Ld. CIT(A)-5, Mumbai dated 09.03.2015 arising out of the penalty order passed u/s. 271(1)(c) of the Act pertaining to assessment year 1995- 96.

At the time of hearing one Mr. Ramesh B. Gandhi, the Accountant of the assessee company appeared and filed a copy of the 2 ITA No.3881/M.2015

The Ld. Departmental Representative submits that in quantum proceedings, the Tribunal remitted the matter to the file of the Assessing Officer to decide the issues as per the directions given by the Tribunal in order dated 28.4.2009.

Heard both parties and perused the orders of the authorities below. We have also perused the order of the Co-ordinate Bench in quantum proceedings and find that the Co-ordinate Bench restored the matter to the file of the Assessing Officer to decide the issues strictly as per the directions given in the order of the Tribunal dated 28.4.2009. In the circumstances, we set aside the penalty order and restore to the file of the Assessing Officer.

In the result, the appeal filed by the assessee is allowed for statistical purpose.