1. This appeal under Section 260(A) of the Income Tax Act, 1961 (Act) is directed against the order dated 1-3-2006 passed by the Income Tax Appellate Tribunal (Tribunal), Delhi Bench "SMC", New Delhi in ITA No. 4871/Delhi/2005 for the assessment year 1985-86. By the impugned order, the Tribunal allowed the e appeal filed by the assessed challenging the levy of penalty under Section 27 l(l)

(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 of income or inaccurate particulars furnished by the assessed.

2. Ms. Prem Lata Bansal, learned senior standing counsel for the revenue submits that in CIT v. Ram Commercial Enterprises Ltd. [2000] 246 ITR 568 (Delhi) this Court has taken the view that if the assessing officer does not record his satisfaction in the assessment order that penalty proceedings should be initiated against the assessed the subsequent order levying penalty would be bad in law. However, she says that another Bench of this Court has in CIT v. Indus Valley Promoters Ltd. (2006) 155 Taxman 223 referred the following substantial