https://www.taxtmi.com/caselaws?id=353252 The Tribunal allowed the appeal, ruling that the penalty under section 271(1)(c) of the Income Tax Act was not warranted. It found the revised return valid, the additional income accepted by the Assessing Officer, and the absence of proper recording of satisfaction by the AO. Consequently, the penalty proceedings were invalidated, and the penalty of Rs. 25,50,000/- was revoked. en-us Tue, 31 Oct 2017 00:00:00 +0530 Sat, 30 Dec 2017 09:10:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353252 The Tribunal allowed the appeal, ruling that the penalty under section 271(1)(c) of the Income Tax Act was not warranted. It found the revised return valid, the additional income accepted by the Assessing Officer, and the absence of proper recording of satisfaction by the AO. Consequently, the penalty proceedings were invalidated, and the penalty of Rs. 25,50,000/- was revoked. Case-Laws Income Tax Tue, 31 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353252