https://www.taxtmi.com/caselaws?id=120965 The Tribunal held that the penalty orders were time-barred under the proviso to section 275(1)(a) and that the Assessing Officer failed to properly record satisfaction for initiating penalty proceedings. As a result, the Tribunal quashed the penalty orders and ruled in favor of the assessee in the appeals regarding the levy of penalties under section 271(1)(c) of the Income-tax Act for the assessment years 1997-98 to 2000-01. en-us Fri, 21 Sep 2007 00:00:00 +0530 Wed, 25 Jul 2012 16:46:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120965 The Tribunal held that the penalty orders were time-barred under the proviso to section 275(1)(a) and that the Assessing Officer failed to properly record satisfaction for initiating penalty proceedings. As a result, the Tribunal quashed the penalty orders and ruled in favor of the assessee in the appeals regarding the levy of penalties under section 271(1)(c) of the Income-tax Act for the assessment years 1997-98 to 2000-01. Case-Laws Income Tax Fri, 21 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120965