TMI Blog2007 (9) TMI 256X 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 - No substantial question of law arises in these revenue’s appeals - these appeals are dismissed - 935 and 1074 of 2006 - - - Dated:- 14-9-2007 - MADAN B. LOKUR and DR. S. MURALIDHAR JJ. Ms. P.L. Bansal, for the appellant. C.S. Aggarwal, with Prakash Kumar for the respondent. JUDGMENT 1. These appeals under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngs should be initiated against the Assessee. Following the judgment of this Court in Commissioner of Income Tax v. Ram Commercial Enterprises Limited [2000] 246 ITR 568 which has been since approved by the Supreme Court in Dilip N. Shroff v. Joint Commissioner of Income Tax [2007] 291 ITR 519 (SC) and T. Ashok Pai v. Commissioner of Income Tax [2007] 292 ITR 11 (SC), the Tribunal held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Larger Bench of this Court in Commissioner of Income Tax v. Indus Valley Promoters Limited. The substantial question of law that has been referred to the larger Bench of this Court in the said case reported in [2006] 155 Taxman 223; [2008] 307 ITR 142 reads as under: "Whether satisfaction of the Officer initiating the proceedings under Section 271 of the Income Tax Act can be said to ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... action 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 answered in the affirmative, we proceed to examine the assessment order in the instant case in order to find out whether the satisfaction of the Assessing Officer that penalty proceedings should be initiated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. C.S. Aggarwal, learned senior counsel for the Assessee that in view of the subsequent developments appeal effect has been given for the relevant assessment years 1995-96 and 1996-97, and by orders dated 29th March, 2000 passed by the Joint Commissioner of Income Tax, income of the Assessee for both the years has been assessed as Nil after adjusting unabsorbed depreciation of certain previous a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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