https://www.taxtmi.com/caselaws?id=374191 The Tribunal allowed the assessee's appeal, canceling the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961, as the initiation of penalty proceedings by the Assessing Officer was deemed invalid due to the lack of a clear direction in the assessment order, as required by law. The decision was based on the precedent set by the Karnataka High Court, emphasizing the necessity of a discernible satisfaction of the AO regarding concealment in the assessment order. en-us Wed, 23 Jan 2019 00:00:00 +0530 Mon, 28 Jan 2019 08:02:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374191 The Tribunal allowed the assessee's appeal, canceling the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961, as the initiation of penalty proceedings by the Assessing Officer was deemed invalid due to the lack of a clear direction in the assessment order, as required by law. The decision was based on the precedent set by the Karnataka High Court, emphasizing the necessity of a discernible satisfaction of the AO regarding concealment in the assessment order. Case-Laws Income Tax Wed, 23 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374191