https://www.taxtmi.com/caselaws?id=219324 The Tribunal dismissed the penalty orders under Section 13 of the Interest Tax Act for the assessment year 1998-99, citing the Delhi High Court's decision on bill discounting charges. It found the Assessing Officer did not record proper satisfaction for penalty proceedings, rendering them jurisdictionally flawed. The Tribunal concluded that Section 271(1B) of the Income Tax Act did not apply to the Interest Tax Act, emphasizing the need for recorded satisfaction. The Tribunal allowed cross objections for previous assessment years and partly allowed the appeal for 1998-99, holding penalty proceedings lacked jurisdiction. en-us Fri, 26 Oct 2012 00:00:00 +0530 Tue, 11 Dec 2012 09:16:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219324 The Tribunal dismissed the penalty orders under Section 13 of the Interest Tax Act for the assessment year 1998-99, citing the Delhi High Court's decision on bill discounting charges. It found the Assessing Officer did not record proper satisfaction for penalty proceedings, rendering them jurisdictionally flawed. The Tribunal concluded that Section 271(1B) of the Income Tax Act did not apply to the Interest Tax Act, emphasizing the need for recorded satisfaction. The Tribunal allowed cross objections for previous assessment years and partly allowed the appeal for 1998-99, holding penalty proceedings lacked jurisdiction. Case-Laws Income Tax Fri, 26 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219324