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Appeal against deletion of penalty under section 271(1)(c) for assessment year 1991-92. Analysis: 1. The appeal was filed by the Revenue against the deletion of a penalty of Rs. 19,430 imposed under section 271(1)(c) for the assessment year 1991-92 by the CIT(A). The Tribunal received a D.O. letter regarding the resolution passed at a conference, emphasizing the need for timely orders in appeals. As the time period for passing the order had expired, the case was refixed for hearing, and fresh notices were issued to both sides. 2. The assessee had constructed a residential house during the relevant period, and there were variations in the valuation of the property by different authorities. The AO initiated penalty proceedings and imposed a penalty, which was later deleted by the CIT(A) based on various defects in the assessment and valuation process. The CIT(A) relied on earlier orders and judgments to support the deletion of the penalty. 3. The Departmental Representative argued against the deletion of the penalty, citing a jurisdictional High Court decision. However, it was noted that satisfaction regarding concealment of income was not recorded in the assessment order, as required by law. The High Court's decision in a similar case supported the Tribunal's decision to cancel the penalty. 4. Referring to a Full Bench decision of the Punjab and Haryana High Court, it was established that rectification can be done even after a jurisdictional High Court decision. Therefore, the argument that a later High Court decision cannot bind the case was rejected. Since satisfaction was not recorded, the Tribunal upheld the CIT(A)'s decision to delete the penalty, following precedents and legal principles. 5. In conclusion, the Tribunal dismissed the appeal of the Revenue, confirming the deletion of the penalty under section 271(1)(c) for the assessment year 1991-92.
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