https://www.taxtmi.com/caselaws?id=179703 The Court dismissed the revenue's appeal against the Tribunal's decision regarding the levy of penalty on the assessee under section 271(1)(c) of the Income-tax Act, 1961. The Court upheld the Tribunal's ruling, emphasizing the necessity for the Assessing Officer to have proper satisfaction before initiating penalty proceedings. It was noted that the lack of evidence did not necessarily indicate inaccurate particulars of income. The Court highlighted the importance of the Assessing Officer's due diligence in penalty proceedings and criticized the revenue for filing appeals on minor issues, imposing costs for such actions to be utilized for Juvenile Justice. en-us Wed, 16 Jan 2008 00:00:00 +0530 Wed, 13 Apr 2016 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179703 The Court dismissed the revenue's appeal against the Tribunal's decision regarding the levy of penalty on the assessee under section 271(1)(c) of the Income-tax Act, 1961. The Court upheld the Tribunal's ruling, emphasizing the necessity for the Assessing Officer to have proper satisfaction before initiating penalty proceedings. It was noted that the lack of evidence did not necessarily indicate inaccurate particulars of income. The Court highlighted the importance of the Assessing Officer's due diligence in penalty proceedings and criticized the revenue for filing appeals on minor issues, imposing costs for such actions to be utilized for Juvenile Justice. Case-Laws Income Tax Wed, 16 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179703