https://www.taxtmi.com/caselaws?id=278475 The Tribunal found in favor of the assessee in all four appeals, setting aside the penalty orders imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal emphasized the importance of the Assessing Officer correctly applying the law by recording satisfaction and levying penalties under the appropriate limb of the Act. The appeals were allowed due to inconsistencies in the recording of satisfaction and the imposition of penalties, leading to the penalty orders being deemed unsustainable. en-us Fri, 10 Nov 2017 00:00:00 +0530 Wed, 06 Feb 2019 07:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278475 The Tribunal found in favor of the assessee in all four appeals, setting aside the penalty orders imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal emphasized the importance of the Assessing Officer correctly applying the law by recording satisfaction and levying penalties under the appropriate limb of the Act. The appeals were allowed due to inconsistencies in the recording of satisfaction and the imposition of penalties, leading to the penalty orders being deemed unsustainable. Case-Laws Income Tax Fri, 10 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278475