2007 (9) TMI 255

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..... 1961('Act') is directed against the order dated 18th April, 2006 passed by the Income Tax Appellate Tribunal ('Tribunal') Delhi Bench "E", New Delhi in I.T.A. No.3551/Del./2002 for the assessment year 1995-96. By the impugned order, the Tribunal allowed the appeal filed by the Assessee challenging the levy of penalty under Section 271(1)(c) of the Act. The penalty was set aside by the Tribunal on .....

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..... substantial question of law to a larger Bench which according to the referring Bench was not considered in Commissioner of Income Tax v. Ram Commercial Enterprises Limited (2000) 246 ITR 568 (Delhi). "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 in specific .....

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..... 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 is ans .....

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