2008 (1) TMI 897

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.... travel of its Director to attend a trade exhibition in U.K. The assessee was not able to produce any evidence in support of the expenses incurred and, therefore, the Assessing Officer disallowed the expenditure. While concluding, the Assessing Officer noted that penalty proceedings under section 271(1)(c) of the Act have been initiated separately for furnishing inaccurate particulars of income. 4. In appeal, the view of the Assessing Officer was upheld by the Commissioner of Income-tax (Appeals) but the Tribunal reversed both the authorities below. 5. In the view of the Tribunal, the assessee had not been able to substantiate the expenditure incurred but relying upon a decision of this Court in CIT v. Ram Commercial Enterprises Ltd. [200....

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....r Bench or await the decision of the Larger Bench. 11. We have considered the question that has been referred to the Larger Bench and proceed on the basis that that question is answered in the affirmative and in favour of the revenue. All that this would mean is that we need to look at the assessment order to find out whether it is possible to discern therefrom that the satisfaction of the Assessing Authority for imposition of penalty is duly recorded. 12. In view of the above, we have perused the assessment order with the assistance of learned counsel for the revenue and find that it is not possible to discern therefrom the satisfaction of the Assessing Officer for initiating penalty proceedings for furnishing inaccurate particulars of i....