2007 (9) TMI 652

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....al under section 260(A) of the Income-tax Act, 1961 ('Act') is directed against the order dated 27-1-2006 passed by the Income-tax Appellate Tribunal ('Tribunal'), Delhi Bench 'D', New Delhi in ITA No. 1440/Delhi/2003 for the assessment year 1997-98. By the impugned order, the Tribunal allowed the appeal filed by the assessee challenging the levy of penalty under section 271(1)(c) of the Act. The ....

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....ench which according to the referring Bench was not considered in Ram Commercial Enterprises Ltd.'s case (supra ) :- "Whether satisfaction of the officer initiating the proceedings under section 271 of 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?" ....

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.... the present case would have to be examined to find out if the satisfaction 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 ....