https://www.taxtmi.com/caselaws?id=183825 The High Court dismissed the appeal against the penalty under section 271(1)(c) of the Income-tax Act for the assessment year 1997-98. The court found that the assessment order did not reflect the necessary satisfaction required by law for initiating penalty proceedings. The lack of satisfaction by the Assessing Officer regarding concealment or inaccurate particulars furnished by the assessee was evident, and the revenue's arguments were not deemed sufficient to justify penalty proceedings. Therefore, the appeal was rejected, and no substantial question of law was found to arise in the case. en-us Fri, 14 Sep 2007 00:00:00 +0530 Wed, 22 Jun 2016 16:41:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183825 The High Court dismissed the appeal against the penalty under section 271(1)(c) of the Income-tax Act for the assessment year 1997-98. The court found that the assessment order did not reflect the necessary satisfaction required by law for initiating penalty proceedings. The lack of satisfaction by the Assessing Officer regarding concealment or inaccurate particulars furnished by the assessee was evident, and the revenue's arguments were not deemed sufficient to justify penalty proceedings. Therefore, the appeal was rejected, and no substantial question of law was found to arise in the case. Case-Laws Income Tax Fri, 14 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183825