https://www.taxtmi.com/caselaws?id=360384 The appeals by the Revenue challenging the deletion of penalties under section 271(1)(c) for the assessment years 2007-08 and 2008-09 were dismissed. The Tribunal found that since no satisfaction was recorded by the AO before initiating section 153C proceedings and the assessment was quashed, the penalties were rightly deleted by the ld.CIT(A). Consequently, the penalties were deleted as the basis for penalty imposition was extinguished by the quashing of the assessment order. en-us Thu, 10 May 2018 00:00:00 +0530 Wed, 16 May 2018 06:44:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360384 The appeals by the Revenue challenging the deletion of penalties under section 271(1)(c) for the assessment years 2007-08 and 2008-09 were dismissed. The Tribunal found that since no satisfaction was recorded by the AO before initiating section 153C proceedings and the assessment was quashed, the penalties were rightly deleted by the ld.CIT(A). Consequently, the penalties were deleted as the basis for penalty imposition was extinguished by the quashing of the assessment order. Case-Laws Income Tax Thu, 10 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360384