https://www.taxtmi.com/caselaws?id=208464 In penalty proceedings under Section 271(1)(c) of the Income-tax Act, 1961, a separate formal order recording the Assessing Officer's satisfaction is not indispensable where the assessment order itself reflects that satisfaction regarding concealment of income. On that basis, the Tribunal's cancellation of penalty was held unsustainable and the matter was remitted for fresh adjudication on merits. The legal point emphasised is that initiation of penalty proceedings can be valid if the assessment order already discloses the requisite satisfaction, without a distinct formal order. en-us Wed, 09 Feb 2011 00:00:00 +0530 Tue, 17 Jan 2012 08:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208464 In penalty proceedings under Section 271(1)(c) of the Income-tax Act, 1961, a separate formal order recording the Assessing Officer's satisfaction is not indispensable where the assessment order itself reflects that satisfaction regarding concealment of income. On that basis, the Tribunal's cancellation of penalty was held unsustainable and the matter was remitted for fresh adjudication on merits. The legal point emphasised is that initiation of penalty proceedings can be valid if the assessment order already discloses the requisite satisfaction, without a distinct formal order. Case-Laws Income Tax Wed, 09 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208464