TMI Blog2007 (9) TMI 255X X X X Extracts X X X X X X X X Extracts X X X X ..... inaccurate particulars of income – therefore, no penalty can be levied – penalty proceedings not sustainable - 114 of 2007 - - - Dated:- 14-9-2007 - MADAN B. LOKUR and DR. S. MURALIDHAR JJ. Ms. P.L. Bansal for the appellant. Ms. Kavita Jha for the respondent. JUDGMENT 1. This appeal under Section 260(A) of the Income Tax Act, 1961('Act') is directed against the order dated 18 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his satisfaction in the assessment order that penalty proceedings should be initiated against the Assessee the subsequent order levying penalty would be bad in law. However, she says that another Bench of this Court has in Commissioner of Income Tax, v. Indus Valley Promoters Limited (2006) 155 Taxman 223(Delhi);[2008] 307 ITR 142, referred the following substantial question of law to a large ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me Tax [2007] 292 ITR 11 (SC). 5. Assuming the Revenue were to succeed before the larger Bench, and the question referred to it is answered in the affirmative, it would mean that it is sufficient that the satisfaction of the Assessing Officer for initiating penalty proceedings against an Assessee under Section 271(1)(c) of the Act is discernible from the assessment order itself and that such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dings, observed as follows: "Penalty proceedings under section 271(1)(c) have been initiated separately. Assessed. Issue necessary forms to the assessee." 7. The above recording does not satisfy the requirement of Section 271 (1)(c) of the Act as explained by this Court in Ram Commercial Enterprises Limited (2000) 246 ITR 568 Further even on a detailed perusal of the assessment order no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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