TMI Blog2005 (1) TMI 697X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee at the very first instance was not bona fide or voluntary. We do not consider it necessary to deal with this contention any further in view of the finding recorded by the Tribunal and would refer to the judgments of the Division Bench of this Court in the cases of CIT vs. Ram Commercial Enterprises Ltd.[ 1998 (10) TMI 13 - DELHI HIGH COURT] . It is thus apparently clear that the question proposed by the Department as a substantial question of law has been squarely answered by different Division Benches of this Court and we see no reason to take a different view. Thus, we dismiss the appeal in limine. - SWATANTER KUMAR and MADAN B. LOKUR, JJ. R. D. Jolly, for the Petitioner. JUDGMENT By the Court.-M/s Globe Sales Corporation, the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erusal of the record, we find that admittedly surrender was made when the discrepancies were pointed out by the AO but it was made at the first instance though the assessee had material to explain the discrepancies. We have also carefully examined the aforesaid judgments of various High Courts and apex Court in which it has been repeatedly held that if the assessee makes a voluntary surrender, he should not he penalized with the penalty under s. 271(1)(c) of the Act. So far as satisfaction of the AO or concealment of income before initiating the penalty proceedings are concerned, the jurisdictional High Court has specifically held that the AO is required to record his satisfaction in the assessment order before issuing any directions for in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... utomatic consequence of concealment or furnishing of inaccurate particulars. Not even a single reason has been recorded as to why in the opinion of the AO, it was just and proper to initiate penalty proceedings or in the alternative, the surrender by the assessee at the very first instance was not bona fide or voluntary. We do not consider it necessary to deal with this contention any further in view of the finding recorded by the Tribunal and would refer to the judgments of the Division Bench of this Court in the cases of CIT vs. Ram Commercial Enterprises Ltd. (2001) 167 CTR (Del) 321: (2000) 246 ITR 568(Del) and Diwan Enterprises vs. CIT Ors. (2001) 167 CTR (Del) 324: (2000) 246 ITR 571(Del), where after discussing the matter at some len ..... X X X X Extracts X X X X X X X X Extracts X X X X
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