https://www.taxtmi.com/caselaws?id=192415 The High Court of Calcutta set aside the Income Tax Appellate Tribunal's order imposing a penalty for a bad debt claim for the Assessment Year 1991-92. The Court found the Tribunal's order to be severely perverse as it failed to establish concealment of income or inadequate particulars before initiating penal proceedings. The Assessing Officer's satisfaction is necessary for penalty imposition, which was lacking in this case. The Court ruled in favor of the appellant, disposing of the appeal in their favor. en-us Thu, 19 Mar 2015 00:00:00 +0530 Wed, 31 May 2017 06:58:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192415 The High Court of Calcutta set aside the Income Tax Appellate Tribunal's order imposing a penalty for a bad debt claim for the Assessment Year 1991-92. The Court found the Tribunal's order to be severely perverse as it failed to establish concealment of income or inadequate particulars before initiating penal proceedings. The Assessing Officer's satisfaction is necessary for penalty imposition, which was lacking in this case. The Court ruled in favor of the appellant, disposing of the appeal in their favor. Case-Laws Income Tax Thu, 19 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192415