2008 (12) TMI 24

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....rsus M/s Abhishek Auto Industries Ltd. The Commissioner of Income Tax-V Versus M/s Narain Jewels International Ltd. The Commissioner of Income Tax-V Versus M/s Narain Jewels International Ltd. The Commissioner of Income Tax-III Versus M/s Super Plastronices (P) Ltd. Commissioner of Income Tax Versus M/s Shree Joints International P. Ltd. Commissioner of Income Tax Versus M/s Goenka Estates (Delhi) Pvt. Ltd. Commissioner of Income Tax-III Versus M/s Sandeep Ceramics Ltd. Commissioner of Income Tax Versus M/s Brahmputra Consortium Ltd. Commissioner of Income Tax Versus Shri Sanjeev Kumar Gupta Commissioner of Income Tax Versus M/s Great Eastern Energy Corp. Ltd. Commissioner of Income Tax Versus M/s D.G. Housing ....

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...., 460/2006, 562/ 2006, 565/2006, 583/2006, 600/2006 and 604/2006. Mr Sanjeev Sabharwal, Sr. Standing Counsel for the Appellant in ITA Nos. 105/2006, 177/2006, 213/2006, 252/2006 and 312/2006. Mr. Jagdish Rai Goel, Advocate for the Appellant in ITA Nos. 1015/2005, 1155/2005, 1170/2005, 323/2006 and 635/2006. Mr R.D. Jolly, Advocate for the Appellant in ITA Nos. 417/2006, 647/2006, 660/2006 and 664/2006 For the Respondent : Dr Rakesh Gupta and Ms Aarti Saini, Advocates for the Respondent in ITA Nos. 1044/2005, 1138/2005, 1155/2005, 562/2006 and 647/2006 Mr Ajay Vohra, Ms Kavita Jha and Mr Sriram Krishna, Advocates for the Respondent in ITA No. 583/2006. Mr O.P. Bhadani, Advocate for the Respondent in ITA No. 460/2006. Mr R.M....

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.... matters, directed that the individual cases be listed before the appropriate Bench for hearing and disposal. The Full bench, in its judgment has noted that, pending the reference, sub-section 1B has been inserted in Section 271 of the Income Tax Act, 1961 by the Finance Act, 2008. It was also observed that the said provision creates a fiction by which satisfaction of the Assessing Officer is deemed to have been recorded in cases where an addition or disallowance is made by the Assessing Officer and a direction for initiation of penalty proceeding is issued. The said provision has been made effective retrospectively w.e.f 01.04.1989. The Full Bench observed that in some of the cases forming part of the batch, the assessment orders were pass....