https://www.taxtmi.com/caselaws?id=378322 The appeal of the assessee was allowed as the Assessing Officer failed to record the necessary satisfaction before initiating penalty proceedings under section 271(1)(c). The Judicial Member emphasized the requirement for the Assessing Officer to explicitly form an opinion and record satisfaction of concealment of income or furnishing inaccurate particulars in the assessment order. Failure to do so renders penalty proceedings invalid, leading to the deletion of the penalty of Rs. 54,100 and the allowance of the assessee's appeal. The decision highlighted the importance of complying with legal procedures in penalty assessments, following the precedent set by the Hon'ble A.P. High Court. en-us Fri, 05 Apr 2019 00:00:00 +0530 Sat, 13 Apr 2019 05:56:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378322 The appeal of the assessee was allowed as the Assessing Officer failed to record the necessary satisfaction before initiating penalty proceedings under section 271(1)(c). The Judicial Member emphasized the requirement for the Assessing Officer to explicitly form an opinion and record satisfaction of concealment of income or furnishing inaccurate particulars in the assessment order. Failure to do so renders penalty proceedings invalid, leading to the deletion of the penalty of Rs. 54,100 and the allowance of the assessee's appeal. The decision highlighted the importance of complying with legal procedures in penalty assessments, following the precedent set by the Hon'ble A.P. High Court. Case-Laws Income Tax Fri, 05 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378322