https://www.taxtmi.com/caselaws?id=72003 The Tribunal quashed the penalty imposed under Section 271(1)(c) of the Income Tax Act, reducing it from 200% to 100% of the tax sought to be evaded. The Tribunal held that the Assessing Officer failed to record proper satisfaction at the initiation of penalty proceedings, rendering the proceedings invalid. The Tribunal emphasized that the mere addition of income does not automatically warrant a penalty if there was no deliberate intent to conceal income or furnish inaccurate particulars. The appeal was allowed in favor of the assessee, with costs not awarded. en-us Tue, 19 Feb 2008 00:00:00 +0530 Tue, 07 Aug 2012 15:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=72003 The Tribunal quashed the penalty imposed under Section 271(1)(c) of the Income Tax Act, reducing it from 200% to 100% of the tax sought to be evaded. The Tribunal held that the Assessing Officer failed to record proper satisfaction at the initiation of penalty proceedings, rendering the proceedings invalid. The Tribunal emphasized that the mere addition of income does not automatically warrant a penalty if there was no deliberate intent to conceal income or furnish inaccurate particulars. The appeal was allowed in favor of the assessee, with costs not awarded. Case-Laws Income Tax Tue, 19 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=72003