TMI Blog2002 (12) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... lse estimate of advance tax. - Only one point has been pressed by learned counsel for the appellant. He submitted that before issuing notice for initiating penalty proceedings under section 273(2)(a) of the Act the Assessing Officer has not recorded his satisfaction. - "it is the assessing authority who has to form his own opinion and record his satisfaction before initiating the penalty proceedin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the appellant. He submitted that before issuing notice for initiating penalty proceedings under section 273(2)(a) of the Act the Assessing Officer has not recorded his satisfaction. Learned counsel has relied on the decision of the Delhi High Court in CIT v. Ram Commercial Enterprises Ltd. [2000] 246 ITR 568. In the aforesaid decision the Delhi High Court has observed that "it is the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o. Had that been so there would have been a specific mention about it in section 273 of the Act. We are, therefore, of the opinion that although the Assessing Officer must have satisfaction as required under section 273 of the Act, it is not necessary for him to record that satisfaction in writing before initiating penalty proceedings under section 273 of the Act. We are fortified in the view, we ..... X X X X Extracts X X X X X X X X Extracts X X X X
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