https://www.taxtmi.com/caselaws?id=200517 The ITAT quashed the penalty imposed under section 271(1)(c) of the Act for under-valuation of closing stock during a search and seizure operation under section 132. The penalty was found to be not in accordance with the law as the assessing officer's satisfaction was not recorded, and the original quantum order had been set aside by the ITAT. Consequently, the penalty imposed was quashed, leading to the allowance of the assessee's appeal and the dismissal of the revenue's appeal. en-us Thu, 23 Dec 2010 00:00:00 +0530 Mon, 02 Apr 2018 12:35:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200517 The ITAT quashed the penalty imposed under section 271(1)(c) of the Act for under-valuation of closing stock during a search and seizure operation under section 132. The penalty was found to be not in accordance with the law as the assessing officer's satisfaction was not recorded, and the original quantum order had been set aside by the ITAT. Consequently, the penalty imposed was quashed, leading to the allowance of the assessee's appeal and the dismissal of the revenue's appeal. Case-Laws Income Tax Thu, 23 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200517