IT : Where Tribunal arbitrarily reduced quantum of penalty for not depositing taxes before filing return without assigning any tangible reason, matter was to be remanded to reconsider same
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[2015] 55 taxmann.com 280 (Punjab & Haryana)
HIGH COURT OF PUNJAB AND HARYANA
Kudos Chemie Ltd.
v.
Commissioner of Income-tax, Chandigarh*
RAJIVE BHALLA AND B.S. WALIA, JJ.
IT APPEAL NO. 134 OF 2014†
JANUARY 16, 2015
Section 221, read with sections 140A and 220, of the Income-tax Act, 1961 - Collection and recovery of tax - Penalty payable when tax in default (Quantum of penalty) - Assessment years 2008-09 and 2009-10 - Whether where Tribunal rightly held that assessee was liable to pay penalty for not depositing taxes before filing return but while doing so, arbitrarily and without assigning any reason reduced penalty, matter was to be remanded to reconsider same - Held, yes [Para 8] [In favour of revenue/Matter remanded]
■■■
[2015] 55 taxmann.com 280 (Punjab & Haryana)
HIGH COURT OF PUNJAB AND HARYANA
Kudos Chemie Ltd.
v.
Commissioner of Income-tax, Chandigarh*
RAJIVE BHALLA AND B.S. WALIA, JJ.
IT APPEAL NO. 134 OF 2014†
JANUARY 16, 2015
Section 221, read with sections 140A and 220, of the Income-tax Act, 1961 - Collection and recovery of tax - Penalty payable when tax in default (Quantum of penalty) - Assessment years 2008-09 and 2009-10 - Whether where Tribunal rightly held that assessee was liable to pay penalty for not depositing taxes before filing return but while doing so, arbitrarily and without assigning any reason reduced penalty, matter was to be remanded to reconsider same - Held, yes [Para 8] [In favour of revenue/Matter remanded]
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