https://www.taxtmi.com/caselaws?id=65545 The Tribunal canceled the penalty imposed by the Assessing Officer under Section 271(1)(c) of the Income Tax Act, citing the necessity of the Assessing Officer explicitly recording satisfaction in the assessment order before initiating penalty proceedings. The Tribunal found that the initiation of penalty proceedings was invalid as the required satisfaction was not discernible from the assessment order. The decision highlights the importance of complying with the legal requirement of recording satisfaction for penalty imposition under Section 271(1)(c). en-us Fri, 18 Jan 2008 00:00:00 +0530 Wed, 12 Jun 2013 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65545 The Tribunal canceled the penalty imposed by the Assessing Officer under Section 271(1)(c) of the Income Tax Act, citing the necessity of the Assessing Officer explicitly recording satisfaction in the assessment order before initiating penalty proceedings. The Tribunal found that the initiation of penalty proceedings was invalid as the required satisfaction was not discernible from the assessment order. The decision highlights the importance of complying with the legal requirement of recording satisfaction for penalty imposition under Section 271(1)(c). Case-Laws Income Tax Fri, 18 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65545