2005 (5) TMI 48

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....ong with a copy of the challan. In the covering letter, the assessee stated that the amounts were mentioned in the audit report but the same had not been paid. However, due to oversight the same was overlooked. Vide assessment order dated February 6, 2003, the Assessing Officer declined to accept the contention of the assessee and noticed that the assessee-company had made provisions of Rs. 10,56,540 on account of PF, pension fund, ESIC and bonus but did not make the payments nor added back the same in its income in terms of section 43B of the Income-tax Act. Consequently, he directed that penalty proceedings under section 271(1)(c) of the Act in furnishing inaccurate particulars of income have been initiated separately and held that the de....

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....orically stated that no satisfaction as contemplated under the provisions of section 271(1)(c) has been recorded by the Assessing Officer while completing the assessment. The challenge in the present appeal is to this order of the Appellate Tribunal. Learned counsel appearing for the Department while relying upon the judgments of this court in the case of CIT v. Ram Commercial Enterprises Ltd. [2000] 246 ITR 568, argued that the concurrent view taken by the first appellate authority and the Tribunal both suffered from patent error of law and the Assessing Officer was not required to record any detailed reasons and it was sufficient for him to say that the penalty proceedings be initiated. On this premises it is contended that the order shou....