C.I.T., AHMEDABAD vs C.A. TAKTAWAKA

The Supreme Court held that the High Court erred in not addressing a substantial question of law under Section 260-A of the Income Tax Act, 1962, regarding the cancellation of penalties under Sections 271(1)(a) and 273(2)(a) of the Act. The Court emphasized that the availability of the Amnesty Scheme to the Assessee must be evaluated, especially in light of the Assessee's multiple revisions of returns post-search operation. The Court set aside the impugned order and remitted the matter to the High Court for fresh consideration.