2011 (2) TMI 881

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... , wherein it was held that a formal order of satisfaction was not required to be recorded, as held by the Tribunal in the impugned order - Hence, the impugned order of the Tribunal and remand the matter to it for a fresh decision on merits in accordance with law. - I.T.A. No.388 of 2004 - - - Dated:- 9-2-2011 - MR. JUSTICE ADARSH KUMAR GOEL, MR. JUSTICE AJAY KUMAR MITTAL, JJ. Mr. Yogesh .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... concealment of income on account of under valuation of closing stock of the rice in the assessment order itself when he initiated penalty proceedings u/s 271(1)(c). It is not disputed that the matter is covered by order of this Court in CIT v. Pearey Lal and Sons (EP) Ltd. [2009] 308 ITR 438, wherein it was held that a formal order of satisfaction was not required to be recorded, as held by .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X