https://www.taxtmi.com/caselaws?id=103290 The court ruled in favor of the assessee, emphasizing the necessity of the Assessing Officer recording explicit satisfaction of concealment of income before imposing a penalty under section 271(1)(c) of the Income-tax Act. The court allowed the appeal, as it found that the required satisfaction was missing in the assessment order, leading to the conclusion that the penalty imposed on the assessee was not justified. en-us Wed, 28 Aug 2002 00:00:00 +0530 Wed, 22 Feb 2012 11:26:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103290 The court ruled in favor of the assessee, emphasizing the necessity of the Assessing Officer recording explicit satisfaction of concealment of income before imposing a penalty under section 271(1)(c) of the Income-tax Act. The court allowed the appeal, as it found that the required satisfaction was missing in the assessment order, leading to the conclusion that the penalty imposed on the assessee was not justified. Case-Laws Income Tax Wed, 28 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103290