https://www.taxtmi.com/caselaws?id=68702 The Tribunal quashed penalty orders for three assessment years, citing the Assessing Officer's failure to record requisite satisfaction for initiating penalty proceedings under section 271(1)(c). The Tribunal emphasized the need for specific satisfaction in assessment orders before imposing penalties, following judicial precedents highlighting the quasi-criminal nature of penalty proceedings and the burden of proof on the tax department. Consequently, the appeals by the private limited company were allowed, overturning the penalties imposed for concealment of income or filing inaccurate particulars. en-us Thu, 20 Dec 2007 00:00:00 +0530 Tue, 07 Aug 2012 17:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68702 The Tribunal quashed penalty orders for three assessment years, citing the Assessing Officer's failure to record requisite satisfaction for initiating penalty proceedings under section 271(1)(c). The Tribunal emphasized the need for specific satisfaction in assessment orders before imposing penalties, following judicial precedents highlighting the quasi-criminal nature of penalty proceedings and the burden of proof on the tax department. Consequently, the appeals by the private limited company were allowed, overturning the penalties imposed for concealment of income or filing inaccurate particulars. Case-Laws Income Tax Thu, 20 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68702