https://www.taxtmi.com/caselaws?id=374424 The Tribunal allowed the assessee's appeal, quashing the penalty imposed under section 271(1)(d) of the Income-tax Act for Assessment Year 2007-08. The penalty was set aside due to the AO's failure to specify the correct limb for penalty initiation, leading to ambiguity and non-compliance with legal requirements. The Tribunal directed the AO to delete the penalty, emphasizing the significance of proper recording of satisfaction in penalty proceedings. The decision was rendered on January 30, 2019. en-us Wed, 30 Jan 2019 00:00:00 +0530 Fri, 01 Feb 2019 07:30:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374424 The Tribunal allowed the assessee's appeal, quashing the penalty imposed under section 271(1)(d) of the Income-tax Act for Assessment Year 2007-08. The penalty was set aside due to the AO's failure to specify the correct limb for penalty initiation, leading to ambiguity and non-compliance with legal requirements. The Tribunal directed the AO to delete the penalty, emphasizing the significance of proper recording of satisfaction in penalty proceedings. The decision was rendered on January 30, 2019. Case-Laws Income Tax Wed, 30 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374424