- (1.) Delay condoned. Leave granted.
(2.) This Court, vide order dated 11th July, 2011, while issuing notice, has stated two specific questions raised by the Revenue for the first time before this Court. The questions are as follows: (a) Whether on the facts and in the circumstances of the case the Income-tax Appellate Tribunal failed to appreciate that the period of limitation in the instant case is governed by the provisions of Section 275(1) as the penalty was initiated in the assessment order itself and the penalty order was issued within time in accordance with the provisions of Section 275(1)(a) of the Income-tax Act, 1961 (b) Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal was justified in coming to the conclusion that the order of penalty was barred under provisions of Section 275(1)(c) and failed to consider that penalty was initiated in the assessment order itself and the same was issued within time and in accordance with Section 275(1)(a) of the Income-tax Act, 1961
(3.) In our considered view, these two questions requires to be answered first by the Income Tax Appellate Tribunal (for short, "the Tribunal"). Accordingly, while allowing this appeal, we set aside the judgment(s) and Order(s) passed by the High Court and the Tribunal.;