2007 (9) TMI 9

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....passed by the Income Tax Appellate Tribunal, New Delhi Bench 'B' (Tribunal) in ITANo.1596/Del/2005 relevant for the assessment year 1998-99 in relation to penalty proceedings under Section 271(1)(c) of the Act. 2. The background facts leading to the present appeal are that some amount was found credited in the books of account of the Assessee for which no explanation was offered in respect of t....

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....sue necessary forms. Charge interest as per rules. Penalty proceeding u/s 271(1)(b), 271(1)(c) have been initiated separately.? 7. Following this, the Assessing Officer issued a penalty order which was upheld by the CIT (A). The Assessee's appeal was allowed by the Tribunal by the impugned order. Applying the decision of this Court in Commissioner of Income-Tax Vs. Ram Commercial Enterprises Lt....

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....the officer initiating the proceedings under section 271of the Income-tax Act can be said to have been recorded even in cases where satisfaction is not recorded in specific terms but is otherwise discernible from order passed by the authority?" 10. He accordingly submits that this Court should await the decision of the larger Bench. 11. Assuming the Revenue were to succeed before the larger ....