2007 (9) TMI 10

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....x Appellate Tribunal, New Delhi Bench 'A' (Tribunal) in ITA No.1684/Del/2002 relevant for the assessment year 1998-99. 2. In the concluding paragraph of the assessment order, the Assessing Officer recorded as follows: "Assessed. Tax as per law and charge interest as applicable. Penalty proceedings u/s 271(1)(c) have been initiated separately." 3. On this basis, the Assessing Officer initiated th....

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....in Commissioner of Income Tax, Delhi IV v. Indus Valley Promoters Limited (2006) 155 Taxman 223 referred the following substantial question of law to a larger Bench which according to the referring Bench was not considered in Ram Commercial Enterprises Limited: "Whether satisfaction of the officer initiating the proceedings under section 271 of the Income-tax Act can be said to have been recorded ....

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.... 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 against the Assessee u....