COMMISSIONER OF INCOME-TAX Vs. N. JAYAPRAKASH

JUDGEMENT

(1.) The Revenue has filed this appeal questioning the legality of the order passed by the Income-tax Appellate Tribunal, Cochin Bench in ITA No. 343 of 2009 concerning the assessment year 1992-93.

(2.) The assessee is engaged in the manufacture and sale of tins and is also a partner in some firms. Assessment was completed under section 143(3) making additions on account of unaccounted sale of suppressed output of tins at Rs. 16,60,854, unexplained credits in cash book of Rs. 1,88,000 and unexplained credits from others totalling Rs. 5,15,000. hi appeals that were filed before the Commissioner of Income-tax (Appeals) and the Tribunal, the order was modified. However, in ITA Nos. 140 and 149 of 2001, the original assessment was upheld by this court in all respects.

(3.) The order passed by this court is annexure-A. Subsequently penalty proceedings under section 271(1)(c) were initiated and by annexure-B order, penalty of Rs. 10.51 lakhs was imposed. However, by annexure-C order, the Commissioner of Income-tax invoked his jurisdiction under section 263 of the Act, set aside the order and directed the Assessing Officer to pass fresh order under section 271(1)(c). Accordingly, proceedings were initiated and by annexure-D order, penalty of Rs. 13,24,176 was imposed on the assessee. The appeal filed by the assessee was rejected by the Commissioner (Appeals) and the assessee carried the matter in appeal to the Tribunal and by annexure-F order, the Tribunal set aside the order of penalty. The Revenue challenged the order of the Tribunal in ITA No. 185 of 2010. By annexure-G order, this court allowed the appeal and set aside the order of the Tribunal. The Tribunal was directed to decide the matter afresh.