Assessee filed return declaring loss of Rs. 3.67 crores.\u00a0 AO assessed assessee’s income at Rs. 34.63 lakhs. Tribunal reduced the \u00a0income to NIL.\u00a0 AO levied the\u00a0 penalty for concealment of income\u00a0 on basis of escaped income of Rs. 34.63 lakhs. Tribunal deleted penalty on grounds that it had in quantum appeal reduced income to NIL and assessee had suffered loss in earlier years.\u00a0 Revenue filed application for rectification before Tribunal. Tribunal by an order dt. 5-9-2018 recalled its earlier order. The assesee filed writ petition challenging the order of the Tribunal \u00a0recalling the order. Dismissing the petition the Court held that, in CIT v. Gold Coin Health Food (P) Ltd (2008) 304 ITR 308 (SC)\u00a0 larger Bench overruled the decision in\u00a0 Virtual Soft Systems Ltd. v. CIT (2007) 289 ITR 83 (SC) has held that penalty can be imposed even in the case of\u00a0 reduced loss. On the facts the Tribunal has deleted the penalty without examining the relevant issues. Accordingly the Writ petition of the assessee was dismissed. (AY. 2001-02)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record \u2013Concealment penalty-Quantum reduced to nil-Deletion of penalty by Tribunal-Tribunal recalled earlier order on rectification application of the revenue-Recalling of the order is held to be valid. [S. 271(1)(c)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4461","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-19X","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/4461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=4461"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/4461\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=4461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=4461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=4461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}