https://www.taxtmi.com/caselaws?id=6362 Whether penalty under s.271(1)(c) can be levied hinges on the Income-tax Officer's satisfaction during proceedings that the assessee concealed income or furnished inaccurate particulars. The Court held that such satisfaction need not be evidenced by issuance of notice during assessment; satisfaction logically precedes and may result in subsequent notice, and the ITO may initiate penalty proceedings (referring to Inspecting AC where required) after initiating them. Because there were affirmative findings of a deliberate device to conceal income, the statutory satisfaction existed and supported levy of penalty. Appeals dismissed. en-us Tue, 19 Sep 1972 00:00:00 +0530 Thu, 15 Jan 2026 12:14:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6362 Whether penalty under s.271(1)(c) can be levied hinges on the Income-tax Officer's satisfaction during proceedings that the assessee concealed income or furnished inaccurate particulars. The Court held that such satisfaction need not be evidenced by issuance of notice during assessment; satisfaction logically precedes and may result in subsequent notice, and the ITO may initiate penalty proceedings (referring to Inspecting AC where required) after initiating them. Because there were affirmative findings of a deliberate device to conceal income, the statutory satisfaction existed and supported levy of penalty. Appeals dismissed. Case-Laws Income Tax Tue, 19 Sep 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6362