COMMISSIONER OF INCOME TAX Vs. DLF UNIVERSAL LTD.

JUDGEMENT

(1.) 4985/Del/2003 relevant for the asst. yrs. 1992 -93 and 1993 -94. 2. Broadly, the issue that is involved in this appeal is whether the Revenue could have imposed a penalty on the assessee under the provisions of s. 221 of the IT Act,1961 ('the Act') even though two applications filed by the assessee for stay of recovery of tax were pending before the AO. The Tribunal has come to the conclusion that it was not permissible for the AO to have imposed a penalty without disposing of the stay applications pending before him.

(2.) if any passed on the stay applications pending before the AO. Today, learned counsel for the Revenue informs us that the original record is not available and, therefore, she is not able to say whether the stay applications were pending or disposed of by the AO.

(3.) 2003 is not disputed because the contents of these applications have been quoted by the Tribunal ITA No. 492/2007 p. 2 of 5 in detail in its impugned order. The Tribunal has also noted that it was not disputed that both these applications were not disposed of by the AO. We, therefore, proceed on that basis.