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2011 (4) TMI 363 - HC - Income TaxPenalty u/s 271(1)(c) - Recording of satisfaction was a matter of substance and not mere of form and if satisfaction was reflected in the order, format of recording of satisfaction was not enough to invalidate the action - Reference was also made to statutory amendment clarifying this position under explanation to Section 271(1B) of the Act added by the Finance Act, 2008 w.e.f.1.4.1989 -As per the judgment of Madras High Court in M. Sajjanraj Nahar v. CIT [ 2006 -TMI - 9613 - MADRAS High Court ] and judgment of this Court in CIT v. Pearey Lal and Sons (EP) Ltd.,the impugned order is set aside and the matter is remanded to the Tribunal for fresh decision in accordance with law - Appeal is allowed in favour of the revenue .
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