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[2008] 166 Taxman 223 (Delhi)/[2009] 311 ITR 353 (Delhi) [2008] 166 TAXMAN 223 (DELHI) HIGH COURT OF DELHI Commissioner of Income-tax * v. Smt. Santosh Sharma MADAN B. LOKUR AND DR. S. MURALIDHAR, JJ. IT APPEAL NO. 1088 OF 2006 SEPTEMBER 17, 2007 Section 271(1)(c) of the Income-tax Act, 1961 - Penalty - For concealment of income - Assessment year 2001-02 - Penalty was set aside by Tribunal on ground that Assessing Officer had not recorded any satisfaction in assessment order regarding concealment of income or for furnishing inaccurate particulars by assessee - Tribunal relied on decision of Delhi High Court in CIT v. Ram Commercial Enterprises Ltd. [2000] 246 ITR 568/[2002] 122 Taxman 620 - There was endorsement in assessment order to effect that penalty proceedings under section 271(1)(c) were being initiated separately for furnishing inaccurate particulars - Assessing Officer had also made a note of failure on part of assessee to explain source of credits in her bank account, and that she adduced no evidence to support genuineness of such credits - Whether Tribunal was justified - Held, no [Matter remitted back to Tribunal] CASES REFERRED TO CIT v. Ram Commercial Enterprises Ltd. [2000] 246 ITR 568/[2002] 122 Taxman 620(Delhi) [Para 2], Dilip N. Shroff v. Jt. CIT [2007] 291 ITR 519/ 161 Taxman 218 (SC) [Para 6], T. Ashok Pai v. CIT [2007] 292 ITR 11/ 161 Taxman 340 (SC) [Para 6] and CITv. S.V. Angidi Chettiar [1962] 44 ITR 739 (SC) [Para 10]. J.R. Goel for the Appellant. K. Sampath, A.K. Raghavan and M.K. Giri for the Respondent. ORDER 1. In this appeal under section 260(A) of the Income-tax Act, 1961 ('Act'), the revenue is aggrieved by an order dated 17-2-2006 passed by the Income-tax Appellate Tribunal, Delhi Bench 'G' in ITA No. 2747/Delhi/2005 relevant for the assessment year 2001-02. 2. By the order under appeal, the Tribunal allowed the appeal filed by the assessee challenging the levy of penalty under section 271(1)(c) of the Act. The penalty was set aside by the Tribunal on the ground that the Assessing Officer had not recorded any satisfaction in the assessment order regarding the concealment of income or for furnishing inaccurate particulars by the…

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