Cit Vs. Madras Pack Marine Co.

Cit vs Madras Pack Marine Co.

Type Court Judgment Court Kerala Decided Nov 26, 2002

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Citation: sooperkanoon.com/732613
Court: Kerala High Court
Decided On: Nov 26, 2002
Case Number: IT Appeal No. 115 of 2000 26 November 2002
Subject: Direct Taxation

Case Summary

AI-generated summary - not the official court judgment text.

- - [2002]253ITR645(Ker) ,a Division Bench of this court has held that the decision in [1996]218ITR629(Ker) is no longer good law in view of Supreme Court decision in K.

Key legal issue: Direct Taxation

Parties & Advocates

Appellant / Petitioner

Cit

Advocate P.K.R. Menon & George K. George, <i>for the Revenue </i>C. Kochunny Nair & Dale P. Kurien, <i>for the Assessee</i>

Respondent

Madras Pack Marine Co.

Legal References

Reported In: (2003)179CTR(Ker)143; [2003]130TAXMAN263(Ker)

Excerpt

- - [2002]253itr645(ker) ,a division bench of this court has held that the decision in [1996]218itr629(ker) is no longer good law in view of supreme court decision in k.s. sankarasubban, j.this appeal is filed against the order passed by the tribunal, cochin bench. the matter arises under section 271(1)(c) of the income tax act, 1961, which is regarding the penalty. the tribunal followed the full bench decision of this court in cit v. india sea foods : [1996]218itr629(ker) . both the counsel agreed that there are decisions which take a contrary view than what is taken in : [1996]218itr629(ker) and subsequent decisions, hence, we find that the matter has to be considered by the tribunal in the light of the subsequent decisions. as a matter of fact, in cit v. sree krishna trading co. : [2002]253itr645(ker) , a division bench of this court has held that the decision in : [1996]218itr629(ker) is no longer good law in view of supreme court decision in k.p. madhusudhanan v. cit : [2001]251itr99(sc) .2. in the above view of the matter, we set aside the judgment of the tribunal and remand the case to the tribunal for a fresh disposal in accordance with law.

Full Judgment

S. Sankarasubban, J.

This appeal is filed against the order passed by the Tribunal, Cochin Bench. The matter arises under section 271(1)(c) of the Income Tax Act, 1961, which is regarding the penalty. The Tribunal followed the Full Bench decision of this court in CIT v. India Sea Foods : [1996]218ITR629(Ker) . Both the counsel agreed that there are decisions which take a contrary view than what is taken in : [1996]218ITR629(Ker) and subsequent decisions, Hence, we find that the matter has to be considered by the Tribunal in the light of the subsequent decisions. As a matter of fact, in CIT v. Sree Krishna Trading Co. : [2002]253ITR645(Ker) , a Division Bench of this court has held that the decision in : [1996]218ITR629(Ker) is no longer good law in view of Supreme Court decision in K.P. Madhusudhanan v. CIT : [2001]251ITR99(SC) .

2. In the above view of the matter, we set aside the judgment of the Tribunal and remand the case to the Tribunal for a fresh disposal in accordance with law.

Same Court & Year Kerala · 2002 Same Parties Cit vs Madras Pack Marine Co. Same Subject Direct Taxation

Direct Taxation