https://www.taxtmi.com/caselaws?id=249929 The court upheld the Tribunal's decision to cancel the penalty imposed under Section 271-B for the assessment year 1987-88. It was determined that the Assessing Officer did not record the necessary satisfaction in the assessment order before initiating penalty proceedings, as required by legal precedents. As a result, the penalty was deemed unjustified, and the appeal by the department was dismissed in favor of the assessee. en-us Fri, 25 Jul 2014 00:00:00 +0530 Tue, 11 Aug 2015 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249929 The court upheld the Tribunal's decision to cancel the penalty imposed under Section 271-B for the assessment year 1987-88. It was determined that the Assessing Officer did not record the necessary satisfaction in the assessment order before initiating penalty proceedings, as required by legal precedents. As a result, the penalty was deemed unjustified, and the appeal by the department was dismissed in favor of the assessee. Case-Laws Income Tax Fri, 25 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249929