https://www.taxtmi.com/caselaws?id=379553 The Tribunal dismissed the Revenue's appeals regarding the deletion of penalties under section 271(1)(c) of the Income-tax Act for the assessment years 2007-08 and 2008-09. The CIT(A)'s decisions to delete the penalties were upheld, highlighting the requirement for the Assessing Officer to record satisfaction for initiating penalty proceedings in the assessment order. The Tribunal emphasized that mere disallowed claims do not warrant penalty imposition and recognized the assessee's bona fide beliefs in making claims, resulting in the dismissal of the Revenue's appeals. en-us Tue, 30 Apr 2019 00:00:00 +0530 Sat, 04 May 2019 06:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379553 The Tribunal dismissed the Revenue's appeals regarding the deletion of penalties under section 271(1)(c) of the Income-tax Act for the assessment years 2007-08 and 2008-09. The CIT(A)'s decisions to delete the penalties were upheld, highlighting the requirement for the Assessing Officer to record satisfaction for initiating penalty proceedings in the assessment order. The Tribunal emphasized that mere disallowed claims do not warrant penalty imposition and recognized the assessee's bona fide beliefs in making claims, resulting in the dismissal of the Revenue's appeals. Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379553