https://www.taxtmi.com/caselaws?id=1942 The Tribunal upheld the validity of penalty proceedings under section 271(1)(c) as the Assessing Officer's mention of initiating penalty proceedings was deemed sufficient to establish satisfaction. The penalty for unexplained cash credits amounting to Rs. 8,70,000 was canceled as the assessee provided explanations and corroborating documents. However, the penalty for the discrepancy in closing stock figures of Rs. 87,500 was upheld due to the assessee's failure to provide an explanation. en-us Thu, 19 Oct 2006 00:00:00 +0530 Wed, 08 Aug 2012 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=1942 The Tribunal upheld the validity of penalty proceedings under section 271(1)(c) as the Assessing Officer's mention of initiating penalty proceedings was deemed sufficient to establish satisfaction. The penalty for unexplained cash credits amounting to Rs. 8,70,000 was canceled as the assessee provided explanations and corroborating documents. However, the penalty for the discrepancy in closing stock figures of Rs. 87,500 was upheld due to the assessee's failure to provide an explanation. Case-Laws Income Tax Thu, 19 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=1942