https://www.taxtmi.com/caselaws?id=68641 The Tribunal allowed the appeal, emphasizing the requirement for the AO to record satisfaction before initiating penalty proceedings under section 271(1)(c) of the Act. The invalidity of the penalty notice and the absence of evidence for conscious concealment of income by the assessee led to the cancellation of the penalty imposed for the assessment year 1988-89. en-us Fri, 18 Aug 2006 00:00:00 +0530 Mon, 16 Jul 2012 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68641 The Tribunal allowed the appeal, emphasizing the requirement for the AO to record satisfaction before initiating penalty proceedings under section 271(1)(c) of the Act. The invalidity of the penalty notice and the absence of evidence for conscious concealment of income by the assessee led to the cancellation of the penalty imposed for the assessment year 1988-89. Case-Laws Income Tax Fri, 18 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68641