https://www.taxtmi.com/caselaws?id=62548 The Tribunal canceled the penalty imposed on a private limited company under section 271(1)(c) of the Income-tax Act for the assessment year 1986-87. It was found that the Assessing Officer did not demonstrate satisfaction regarding the concealment of income during the assessment proceedings. The Tribunal concluded that the penalty was unjustified as the revised return was filed before the assessment proceedings began and before confronting the material found during the survey. Consequently, the penalty was canceled, and the appeal of the assessee was allowed. en-us Tue, 11 Oct 1994 00:00:00 +0530 Thu, 20 Jan 2011 13:26:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62548 The Tribunal canceled the penalty imposed on a private limited company under section 271(1)(c) of the Income-tax Act for the assessment year 1986-87. It was found that the Assessing Officer did not demonstrate satisfaction regarding the concealment of income during the assessment proceedings. The Tribunal concluded that the penalty was unjustified as the revised return was filed before the assessment proceedings began and before confronting the material found during the survey. Consequently, the penalty was canceled, and the appeal of the assessee was allowed. Case-Laws Income Tax Tue, 11 Oct 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62548