Penalty under section 271(1)(c): no fresh Inspecting Assistant Commissioner satisfaction required once assessing officer is satisfied.

The Calcutta High Court decision establishes that for imposition of penalties under section 271(1)(c) the Assessing Officer's initial satisfaction about concealment or inaccurate particulars is sufficient and no further satisfaction by the Inspecting Assistant Commissioner is required; accordingly departmental procedure should revert to the practice preceding the Board's revised Instructions and the judgment should be circulated to Commissioners.

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