2011 (4) TMI 363

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....sp; ADARSH KUMAR GOEL, J.   This appeal has been preferred by the revenue under Section 260-A of the Income Tax Act, 1961 (for short, "the Act") against order of the Income Tax Appellate Tribunal, New Delhi dated 10.8.2007 in ITA No.485/Del/06 & C.O. No.247/Del/06 for the assessment year 2001-02 claiming following substantial question of law:-   "Whether, on the facts and in the....

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.... appeal filed by the revenue and cross objections filed by the assessee, the Tribunal held that in absence of requirement of recording of satisfaction in the order of assessment itself, jurisdiction to levy penalty could not be invoked. Observations of the Tribunal are as follows:- "8.8. In the instant case, as observed above, since the AO in the assessment order has not recorded any positive a....