9911796707
TMI Blog2007 (9) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... 0A of the Income Tax Act, 1961 ('Act'),the Revenue is aggrieved by an order dated 9th September, 2005, passed by the Income Tax Appellate Tribunal, New Delhi Bench 'B' (Tribunal) in ITANo.1596/Del/2005 relevant for the assessment year 1998-99 in relation to penalty proceedings under Section 271(1)(c) of the Act. 2. The background facts leading to the present appeal are that some amount was fou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment order, the Assessing Officer recorded as follows: Assessed on total income of Rs. 57,40,000/-. Issue necessary forms. Charge interest as per rules. Penalty proceeding u/s 271(1)(b), 271(1)(c) have been initiated separately.? 7. Following this, the Assessing Officer issued a penalty order which was upheld by the CIT (A). The Assessee's appeal was allowed by the Tribunal by the impugne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing to the referring Bench was not considered in Ram Commercial Enterprises Limited: "Whether satisfaction of the officer initiating the proceedings under section 271of the Income-tax Act can be said to have been recorded even in cases where satisfaction is not recorded in specific terms but is otherwise discernible from order passed by the authority?" 10. He accordingly submits that this Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... answered in the affirmative, we proceed to examine the assessment order in the instant case in order to find out whether the satisfaction of the Assessing Officer that penalty proceedings should be initiated against the Assessee under Section 271 (1) (c) of the Act is discernible there from. 12. We have gone through the entire assessment order, but are unable to discern from any sentence ther ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
