2015 (3) TMI 1274

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..... for bad debt after the debt had been written off could never be a ground for initiating penal proceedings. Before initiating the penal proceedings the Assessing Officer is required to be satisfied as to whether any income has been concealed or any inadequate particulars have been furnished. As the appellant submitted that the order under challenge passed by the Assessing Officer does not show a .....

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..... nt and order dated 14th January, 2003 passed by the learned Income Tax Appellate Tribunal pertaining to the Assessment Year 1991-92 dismissing an appeal preferred by the assessee. The assessee has come up. The question of law formulated at the time of admission of the appeal reads as follows :- Whether on the facts and in the circumstances of the case the Tribunal s order was perverse one in s .....

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..... ngs the Assessing Officer is required to be satisfied as to whether any income has been concealed or any inadequate particulars have been furnished. Mr. Sen, learned Advocate appearing for the appellant submitted that the order under challenge passed by the Assessing Officer does not show any such satisfaction nor the learned Tribunal had considered the matter in that perspective. The order of .....

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