https://www.taxtmi.com/caselaws?id=326438 The Tribunal allowed the assessee's appeals, holding the penalty under Section 271(1)(c) invalid due to improper recording of satisfaction by the Assessing Officer and a defective show cause notice under Section 274. The revenue's appeals were dismissed as the assessee met all conditions for immunity under Explanation 5 to Section 271(1)(c), including payment of taxes and interest. The penalty orders for all four assessment years were canceled. en-us Wed, 02 Mar 2016 00:00:00 +0530 Fri, 15 Apr 2016 11:17:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326438 The Tribunal allowed the assessee's appeals, holding the penalty under Section 271(1)(c) invalid due to improper recording of satisfaction by the Assessing Officer and a defective show cause notice under Section 274. The revenue's appeals were dismissed as the assessee met all conditions for immunity under Explanation 5 to Section 271(1)(c), including payment of taxes and interest. The penalty orders for all four assessment years were canceled. Case-Laws Income Tax Wed, 02 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326438