https://www.taxtmi.com/caselaws?id=61576 The ITAT dismissed the Revenue's appeal, affirming the CIT(A)'s cancellation of the penalty imposed by the AO under s. 271(1)(c). The ITAT held that the penalty was invalid due to the procedural flaw of not recording satisfaction of concealment before initiating penalty proceedings. The decision emphasized the necessity of meeting legal requirements in imposing penalties and the importance of clear charges and evidence for such penalties. en-us Wed, 09 Jun 2004 00:00:00 +0530 Thu, 13 Jan 2011 13:26:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61576 The ITAT dismissed the Revenue's appeal, affirming the CIT(A)'s cancellation of the penalty imposed by the AO under s. 271(1)(c). The ITAT held that the penalty was invalid due to the procedural flaw of not recording satisfaction of concealment before initiating penalty proceedings. The decision emphasized the necessity of meeting legal requirements in imposing penalties and the importance of clear charges and evidence for such penalties. Case-Laws Income Tax Wed, 09 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61576