COMMISSIONER OF INCOME-TAX Vs. M.K. SHARMA

JUDGEMENT

(1.) DESPITE service, no one appears for the respondent.

(2.) IN this appeal under Section 260A of the Income -tax Act, 1961 ('the Act'), the Revenue is aggrieved by an order dated January 27, 2006, passed by the Income -tax Appellate Tribunal ('the Tribunal'), Delhi Bench 'B', New Delhi in I.T.A. No. 1450/Del/2004 for the assessment year 1984 -85. By the impugned order, 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 that there was either concealment or inaccurate particulars furnished by the assessee.

(3.) WE find that the decision of this court in Ram Commercial Enterprises Limited : [2000]246ITR568(Delhi) has been approved by the Supreme Court in Dilip N. Shroff v. Joint CIT : [2007]291ITR519(SC) and T. Ashok Pai v. CIT : [2007]292ITR11(SC) .