https://www.taxtmi.com/caselaws?id=379704 The tribunal allowed both appeals, ruling in favor of the assessee and deleting the penalties imposed under section 271(1)(c) for the assessment years 2004-05 and 2005-06. The tribunal emphasized the importance of proper satisfaction for initiating penalty proceedings and issuing a show cause notice, noting discrepancies in the Assessing Officer's findings. Referring to a judgment by the Bombay High Court, the tribunal deemed the penalties unjustified due to lack of proper satisfaction and notice, ultimately ruling in favor of the appellant. en-us Fri, 03 May 2019 00:00:00 +0530 Mon, 06 May 2019 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379704 The tribunal allowed both appeals, ruling in favor of the assessee and deleting the penalties imposed under section 271(1)(c) for the assessment years 2004-05 and 2005-06. The tribunal emphasized the importance of proper satisfaction for initiating penalty proceedings and issuing a show cause notice, noting discrepancies in the Assessing Officer's findings. Referring to a judgment by the Bombay High Court, the tribunal deemed the penalties unjustified due to lack of proper satisfaction and notice, ultimately ruling in favor of the appellant. Case-Laws Income Tax Fri, 03 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379704