Commissioner of Income Tax vs Madras Pack Marine Co.

S. Sankarasubban, J.

This appeal is filed against the order passed by the Tribunal, Cochin Bench. The matter arises u/s 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 Commissioner of Income Tax Vs. India Sea Foods, . Both the counsel agreed that there are decisions which take a contrary view than what is taken in Commissioner of Income Tax Vs. India Sea Foods, 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 Commissioner of Income Tax Vs. Sree Krishna Trading Co., , a Division Bench of this court has held that the decision in Commissioner of Income Tax Vs. India Sea Foods, is no longer good law in view of Supreme Court decision in M/s. K.P. Madhusudhanan Vs. Commissioner of Income Tax, Cochin, .

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.

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