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TMI Blog2007 (9) TMI 250X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to be initiated against the Assessee is discernible - requirement of Section 271(1)(c) as explained by this Court in Ram Commercial Enterprises Ltd. not satisfied – penalty was rightly set aside by ITAT - 1608 of 2006 - - - Dated:- 17-9-2007 - MADAN B. LOKUR and S. MURALIDHAR JJ. Ms. Prem Lata Bansal for the appellant. None appeared for the respondent. JUDGMENT 1. Despite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in Commissioner of Income Tax v. Ram Commercial Enterprises Limited [2000] 246 ITR 568 this Court has taken the view that if the Assessing Officer does not record his satisfaction in the assessment order that penalty proceedings should be initiated against the Assessee the subsequent order levying penalty would be bad in law. However, she says that another Bench of this Court has in Commissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Dilip N. Shroff v. Joint Commissioner of Income Tax [2007] 291 ITR 519 and T. Ashok Pai v. Commissioner of Income Tax [2007] 292 ITR 11. 6. Assuming the Revenue were to succeed before the larger Bench, and the question referred to it is answered in the affirmative, it would mean that it is sufficient that the satisfaction of the Assessing Officer for initiating penalty proceedings ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a perusal of the assessment order, we find that the Assessing Officer has, in regard to initiation of penalty proceedings, observed as follows: "Assessed. Issue necessary forms. Penalty under section 271(1)(a), 271(1)(b), 271(1)(c) and 273/274 of the Income-tax Act have been initiated. Charge interest under section 139(8) and 215/217 of the Income-tax Act." 8. The above recording does not sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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