https://www.taxtmi.com/caselaws?id=66392 The Tribunal found the penalty proceedings under section 271(1)(c) initiated without recording satisfaction by the Assessing Officer to be unsustainable. Additionally, the penalty on disallowance of business loss and depreciation was deemed unjustified as the Department failed to prove concealment of income. The Tribunal held that penalties cannot be imposed for belatedly filed returns treated as non est. Consequently, the imposed penalty of Rs. 1,72,15,033 was canceled entirely as there was no concealment by the assessee. en-us Fri, 24 Aug 2007 00:00:00 +0530 Thu, 24 Feb 2011 13:11:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66392 The Tribunal found the penalty proceedings under section 271(1)(c) initiated without recording satisfaction by the Assessing Officer to be unsustainable. Additionally, the penalty on disallowance of business loss and depreciation was deemed unjustified as the Department failed to prove concealment of income. The Tribunal held that penalties cannot be imposed for belatedly filed returns treated as non est. Consequently, the imposed penalty of Rs. 1,72,15,033 was canceled entirely as there was no concealment by the assessee. Case-Laws Income Tax Fri, 24 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66392