TMI Blog2013 (4) TMI 423X X X X Extracts X X X X X X X X Extracts X X X X ..... alty proceedings under Clause (c) of Sub-Section (1) of Section 271 and, accordingly, it is now not possible to contend that, since satisfaction was not recorded in the original assessment order, the penalty proceedings are vitiated. Thus accordingly, interfere and set aside the order of the Tribunal and restore the order of the Assessing Authority, as confirmed by the first Appellate Authority. - Income Tax Appeal No. 6 of 2008 - - - Dated:- 21-3-2013 - Barin Ghosh And Alok Singh, JJ. For the appellants : Mr. Hari Mohan Bhatia, Advocate. For the respondent : Mr. S. K. Posti and Mr. B.S. Negi, Advocates. JUDGMENT These two appeals are heard together, inasmuch as, the same assail the same judgment of the Tribunal. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his part. He stated that the proceedings under Section 271(1)(c) of the Act are not maintainable, inasmuch as, at the time of conclusion of the assessment, the Assessing Officer did not record satisfaction as regards concealment of particulars of income or furnishing of inaccurate particulars of income. The fact remains that, undisputedly, while the assessments were concluded, the Assessing officer did not record satisfaction in that regard. Before the Tribunal rendered the judgment under appeals, the subject was dealt with by various High Courts, including the Hon ble Supreme Court. The last judgment of the Hon ble Supreme Court was rendered on 18th May, 2007 in connection with Dilip N. Shroff vs. Joint Commissioner of Income-Tax and anot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enditure and depreciation and, at the same time, observed as regards initiation of penalty proceedings under Clause (c) of Sub-Section (1); the said assessment order, by a fiction of law, is deemed to constitute satisfaction of the Assessing Officer for initiation of penalty proceedings under Clause (c) of Sub-Section (1) of Section 271 of the Act and, accordingly, it is now not possible to contend that, since satisfaction was not recorded in the original assessment order, the penalty proceedings are vitiated. We, accordingly, interfere and set aside the order of the Tribunal and restore the order of the Assessing Authority, as confirmed by the first Appellate Authority. 6. The appeals are, accordingly, disposed of. - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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