COMMISSIONER OF INCOME TAX Vs. GAMA INVESTMENT

JUDGEMENT

(1.) While quashing the penalty orders, the ITAT inter alia observed as under:

(2.) Learned counsel for the respondent submit that since these documents were not produced by the appellant earlier, the Tribunal did not have the benefit of examining these document. Therefore, the matter be remitted back to the Tribunal for fresh consideration. This course of action is acceptable to revenue as well. Accordingly, we set aside the impugned orders dated 30 -8 -2004 and remit the case back to the ITAT for decision of the appeal afresh. It will also be open to the assessee to argue the issue for satisfaction in the light of this Court's Division Bench judgment in die case of Ms. Madhushree Gupta v/s. Union of India, [2009] 183 Tax 100.