COMMISSIONER OF INCOME TAX Vs. RAMKISHORE NANDKISHORE

JUDGEMENT

(1.) In M.A.I.T.18 of 2005 following substantial questions of law were framed on 6.5.2005 :- 1. "Whether on the facts and in the circumstances of the case the Hon. ITAT was justified in law in deleting the levy of penalty u/s 27(1)(a) on the grounds that returns filed on these years were accepted even though it was beyond the limit prescribed under Section 139 (1) ? 2. Whether the Tribunal could allow the appeal without assigning any reason by mere recording the submissions of the appellant and respondent ?

(2.) In M.A.I.T. 22 of 2005, following substantial questions of law were framed for consideration:- 1. "Whether on the facts and in the circumstances of the case the Hon. ITAT was justified in law in deleting the levy of penalty u/s 27(1)(a) on the grounds that returns filed on these years were accepted even though it was beyond the limit prescribed under Section 139 (1) ?

(3.) Learned counsel appearing for the respondent submits that in M.A.I.T.No.18 of 2005, tax impact is Rs.43,000/- while in M.A.I.T.No.22 of 2005, tax impact is Rs.15,360/- and as per the Board instruction 1997 dated 27.3.2000 the Board had issued instructions that the appeals will be filed only in cases where the tax effect exceeds the monitory limit beyond Rs.2 lakh in the High Court U/s 260-A or reference U/s256 (2) of the Income Tax Act.