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2014 (7) TMI 965 - HC - Income TaxCancellation of penalty u/s 271B – No assessment proceedings pending –Failure to record satisfaction by AO - Held that:- The satisfaction as to the assessee having concealed the particulars of his income or furnished inaccurate particulars of such income is to be arrived at by the AO during the course of any proceedings under the Act, which would mean the assessment proceedings, without which, the jurisdiction to initiate the penalty proceedings is not conferred on the assessing authority by reference to clause (c) of sub-section (1) of section 271 of the Income-tax Act, 1961 - Following the decision in C.I.T. Vs. Ram Commercial Enterprises Ltd. [1998 (10) TMI 13 - DELHI High Court] - thus, no penalty is levied u/s 271B of the Act when AO failed to record its satisfaction in the assessment order pertaining to it – Decided against Revenue.
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