https://www.taxtmi.com/caselaws?id=351085 The Tribunal found that the penalty proceedings were flawed as the satisfaction for initiating the penalty was not recorded. It held that a clear finding on concealment of income or furnishing inaccurate particulars is required before imposing a penalty. Since such findings were absent, the penalty proceedings were deemed without jurisdiction. Consequently, the penalty was deleted, ruling in favor of the Assessee. The appeal was allowed, and the penalty was canceled. en-us Thu, 16 Nov 2017 00:00:00 +0530 Sat, 18 Nov 2017 14:08:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351085 The Tribunal found that the penalty proceedings were flawed as the satisfaction for initiating the penalty was not recorded. It held that a clear finding on concealment of income or furnishing inaccurate particulars is required before imposing a penalty. Since such findings were absent, the penalty proceedings were deemed without jurisdiction. Consequently, the penalty was deleted, ruling in favor of the Assessee. The appeal was allowed, and the penalty was canceled. Case-Laws Income Tax Thu, 16 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351085