2007 (9) TMI 250

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..... s appeal under Section 260A of the Income Tax Act, 1961 ('the Act'), the revenue is aggrieved by an order dated January 27, 2006 passed by the Income Tax Appellate Tribunal ('the Tribunal') Delhi Bench "B", New Delhi in I.T.A. No. 1450/Del./2004 for the assessment year 1984-85. By the impugned order, the Tribunal allowed the appeal filed by the Assessee challenging the levy of penalty under Sectio .....

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..... 8] 307 ITR 142 (Delhi); (2006) 155 Taxman 223 referred the following substantial question of law to a larger Bench which according to the referring Bench was not considered in Ram Commercial Enterprises Limited: "Whether satisfaction of the officer initiating the proceedings under section 271 of the Income-tax Act can be said to have been recorded even in cases where satisfaction is not recorded .....

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..... tself and that such satisfaction need not be separately or expressly indicated in the assessment order. In that event the assessment order in the present case would have to be examined to find out if the satisfaction of the Assessing Officer is discernible. Therefore, without expressing any view on the issue pending consideration by the larger Bench, and presuming that the question referred to it .....

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