2008 (12) TMI 25

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....sant Kumar for the Respondent. JUDGMENT BADAR DURREZ AHMED, J (ORAL) - These two appeals arise out of the common order passed by the Income Tax Appellate Tribunal on 08.12.2005. They relate to the question of penalty under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal had decided in favour of the assessee by holding that in the assessment order the Assessing Officer had not rec....

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....irection for initiation of penalty proceedings under clause (c) of sub-section (1), such an order of assessment or reassessment shall be deemed to constitute satisfaction of the Assessing Officer for initiation of the penalty proceedings under the said clause (c)." 2. By virtue of the above provision it is clear that where a direction for initiation of penalty proceedings under clause (c) &nbsp....