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TMI Blog2007 (9) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal, New Delhi Bench 'B' (Tribunal) in ITANo.1596/Del/2005 relevant for the assessment year 1998-99 in relation to penalty proceedings under Section 271(1)(c) of the Act. 2. The background facts leading to the present appeal are that some amount was found credited in the books of account of the Assessee for which no explanation was offered in respect of the assessment year 1997-98. Accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... les. Penalty proceeding u/s 271(1)(b), 271(1)(c) have been initiated separately.? 7. Following this, the Assessing Officer issued a penalty order which was upheld by the CIT (A). The Assessee's appeal was allowed by the Tribunal by the impugned order. Applying the decision of this Court in Commissioner of Income-Tax Vs. Ram Commercial Enterprises Ltd., [2000] 246 ITR 568, the Tribunal held that p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 271of the Income-tax Act can be said to have been recorded even in cases where satisfaction is not recorded in specific terms but is otherwise discernible from order passed by the authority?" 10. He accordingly submits that this Court should await the decision of the larger Bench. 11. Assuming the Revenue were to succeed before the larger Bench, and the question referred to it is answered in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty proceedings should be initiated against the Assessee under Section 271 (1) (c) of the Act is discernible there from. 12. We have gone through the entire assessment order, but are unable to discern from any sentence therein that the Assessing Officer was satisfied that the penalty proceedings should be initiated against the Assessee, except the concluding paragraph, which we have quoted a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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