JUDGMENT
S. Sankarasubban, J.
This appeal is filed against the order passed by the Income Tax Appellate 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) 218 ITR 629 (Ker). Both the counsel agreed that there are decisions which take a contrary view than what is taken in India Sea Foods’s case (supra) 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) 253 ITR 645 (Ker) a Division Bench of this court has held that the decision in India Sea Foods’ case (supra) is no longer good law in view of Supreme Court decision in K.P. Madhusudhanan v. CIT (2001) 251 ITR 991 (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.
3. Income Tax Appeal is allowed.