https://www.taxtmi.com/caselaws?id=64212 The tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) due to the ITO's failure to obtain prior approval from the IAC as mandated by the proviso to the section. The tribunal emphasized the mandatory nature of procedural requirements and invalidated the penalty despite finding merit in the concealment of income based on the assessee's admission during the settlement petition. en-us Thu, 09 Jun 1988 00:00:00 +0530 Sat, 05 Feb 2011 14:24:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64212 The tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) due to the ITO's failure to obtain prior approval from the IAC as mandated by the proviso to the section. The tribunal emphasized the mandatory nature of procedural requirements and invalidated the penalty despite finding merit in the concealment of income based on the assessee's admission during the settlement petition. Case-Laws Income Tax Thu, 09 Jun 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64212