https://www.taxtmi.com/caselaws?id=278304 The Tribunal allowed the appeals for Assessment Years 2007-08 and 2008-09, directing the deletion of penalties under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal emphasized the need for clear and specific satisfaction for initiating penalty proceedings and upheld that penalties cannot be imposed based on estimations without concrete evidence. The procedural defects in the penalty orders were noted, rendering the penalties invalid. en-us Fri, 18 Aug 2017 00:00:00 +0530 Thu, 24 Jan 2019 07:20:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278304 The Tribunal allowed the appeals for Assessment Years 2007-08 and 2008-09, directing the deletion of penalties under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal emphasized the need for clear and specific satisfaction for initiating penalty proceedings and upheld that penalties cannot be imposed based on estimations without concrete evidence. The procedural defects in the penalty orders were noted, rendering the penalties invalid. Case-Laws Income Tax Fri, 18 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278304