CIT Vs. M.I. BUILDERS PVT.LTD

JUDGEMENT

(1.) Heard Sri D.D. Chopra, learned counsel for the appellant and Sri Jaideep Narain Mathur, assisted by Sri Mudit Agarwal, learned counsel for the respondent. Income Tax Appeal No. 58 of 2008 arises out of the judgment and order dated September 7, 2007, passed by the Income-tax Appellate Tribunal, Lucknow Bench, Lucknow, in Appeal No. I.T.A. No. 111/Luc./2006 for the assessment year 1997-98, whereby the appeal preferred by the respondent-M/s. M.I. Builders Pvt. Ltd., Lucknow, was allowed, inter alia, on the ground that notice issued under section 148(1) of the Income-tax Act, 1961, by ACIT, Range IV, Lucknow, was without jurisdiction and invalid.

(2.) Income Tax Appeal No. 172 of 2008 arises out of the judgment and order dated May 30, 2008, passed by the Income-tax Appellate Tribunal, Lucknow Bench, Lucknow, in Appeal No. I.T.A. No. 278/Luc./2008 for the assessment year 1997-98, whereby the appeal preferred by the Department against the order cancelling the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for the assessment year 1997-98 was dismissed, inter alia, on the grounds that since the Tribunal, vide order dated September 7, 2007, passed in I.T.A. No. 111/Luc./2006, cancelled the reassessment order relating to the assessment year 1997-98, as stated hereinabove, on the basis of which the Assessing Officer has levied penalty, as such, the penalty cannot stand by itself and the same is liable to be cancelled.

(3.) Since the question of law and facts involved in the above captioned income-tax appeals are similar in nature, as such, they are being decided by a common order.