2008 (12) TMI 23

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....Appellant. Mr. V.P. Gupta and Mr Basant Kumar, for the Respondent. JUDGMENT BADAR DURREZ AHMED, J (ORAL) - In all these appeals the question relates to imposition of penalty under Section 271(1)(c) of the Income Tax Act, 1961. The assessment orders in these matters were made prior to 01.04.1989 and are, therefore, unaffected by the retrospective amendment brought by the insertion of sub-s....

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....er in the course of the proceedings under the Act. It cannot be exercised if he is not satisfied and has not recorded his satisfaction about the existence of the conditions specified in clauses (a), (b) and (c) before the proceedings are concluded. It is true that mere absence of the words 'I am satisfied' may not be fatal but such a satisfaction must be spelt out from the order of the Assessing A....

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.... absence of a clear finding as to the concealment of income or deliberate furnishing of inaccurate particulars, the initiation of penalty proceedings would be without jurisdiction. The Full Bench also held that the law is correctly laid down in CIT v. Ram Commercial Enterprises; 246 ITR 568. 4. In the present appeals arising out of the common order passed by the Tribunal on 22.11.2004 we find t....