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2011 (2) TMI 881 - HC - Income TaxCancelling the penalty levied under Section 271(1)(c) - the concealment of income on account of under valuation of closing stock of the rice - t the matter is covered by order of this Court in CIT v. Pearey Lal and Sons (EP) Ltd. (2008 -TMI - 32381 - PUNJAB AND HARYANA HIGH COURT), wherein it was held that a formal order of satisfaction was not required to be recorded, as held by the Tribunal in the impugned order - Hence, the impugned order of the Tribunal and remand the matter to it for a fresh decision on merits in accordance with law.
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