TMI Blog2011 (2) TMI 604X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee had furnished inaccurate particulars of his income and the order of the Tribunal deleting the penalty is unsustainable in law - Held that the assessee had concealed the particulars of income and, thus, penalty was liable to be levied against him under Section 271(1)(c) of the Act. Further, the issue regarding recording of satisfaction for initiation of penalty proceedings in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l New Delhi Bench SMC , New Delhi (in short the Tribunal ) in ITA No. 4892/DEL/2005, relating to the assessment year 1993-94. 2. The appeal was admitted on 26.3.2007 for determination of the following substantial question of law: Whether on the facts and in the circumstances of the case, the learned ITAT was right in law in confirming the order of CIT (A) in cancelling the penalty levied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal accepted the appeal of the assessee and deleted the penalty vide order dated 22.9.2005. Meanwhile proceedings under Section 271(1)(c) of the Act were also initiated against the assessee whereby a penalty of Rs. 82,000/- was imposed on the assessee. The assessee preferred appeal against imposition of penalty. The CIT(A) cancelled the penalty imposed, vide order dated 26.10.2005. The appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tribunal deleting the penalty is unsustainable in law. Accordingly, it is held that the assessee had concealed the particulars of income and, thus, penalty was liable to be levied against him under Section 271(1)(c) of the Act. Further, the issue regarding recording of satisfaction for initiation of penalty proceedings in the course of assessment proceedings stands concluded against the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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