The Supreme Court directed the petitioner to approach the prescribed authority mentioned in the Income Tax Appellate Tribunals Order (ITAT). The Special Leave Petition arose out of the final judgment and order passed by the Delhi High Court. The issue was in related to the legality of the revision of the order of ITAT under section 254 of the Income Tax Act, 1961.
M/S Lakshmi Sugar Mills Co. Ltd. & Anr, the petitioner challenged the legality of revision of the order of the Tribunal under section 254 of the act on the ground of retrospective overruling Penalty imposed under section 271(1) of the Income Tax Act, 1961
It was found that in continuation of the order dated 16.04.2024, it is fairly stated by counsel for the petitioners that ( `the Tribunal’) has not been challenged by the petitioners as it was not in their knowledge as the same was an ex-parte order. He, however, submitted that the petitioners will join the proceedings and that they may be permitted to raise all the contentions before the Prescribed Authority.
A two-judge bench of Justice Surya Kant and Justice Dipankar Datta disposed of the Special Leave Petition with liberty to the petitioners to raise all the legal and factual contentions before the Prescribed Authority to whom the matter has been remitted by the Tribunal.
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