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2008 (12) TMI 23 - DELHI HIGH COURTPenalty u/s 271(1)(c) - matters in which assessment orders were made prior to 01.04.1989 are unaffected by the retrospective amendment brought by the insertion of s.s. (1B) in s. 271 w.e.f. 01.04.89 - In the light of Full Bench decision in CIT v. Rampur Engineering Co. Ltd., Tribunal rightly deleted additions & penalty holding that the authority had not recorded its satisfaction regarding concealment – held that satisfaction must be spelt out clearly from the order of the Assessing Authority
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