https://www.taxtmi.com/caselaws?id=376059 The Tribunal canceled the penalty under Section 271(1)(c) of the Income Tax Act as the Assessing Officer failed to record satisfaction for initiating penalty proceedings in the assessment order. The penalty was based on disallowances that were not validly initiated, leading to the cancellation of the penalty. The appeal was partly allowed for statistical purposes, and the stay application was dismissed as infructuous. en-us Wed, 27 Feb 2019 00:00:00 +0530 Fri, 01 Mar 2019 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376059 The Tribunal canceled the penalty under Section 271(1)(c) of the Income Tax Act as the Assessing Officer failed to record satisfaction for initiating penalty proceedings in the assessment order. The penalty was based on disallowances that were not validly initiated, leading to the cancellation of the penalty. The appeal was partly allowed for statistical purposes, and the stay application was dismissed as infructuous. Case-Laws Income Tax Wed, 27 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376059