https://www.taxtmi.com/caselaws?id=381212 The Tribunal allowed the appeal, quashing the penalty under section 271(1)(c) due to non-recording of satisfaction by the AO and the invalid notice issued under section 274 read with section 271(1)(c). The penalty was related to funds in a foreign bank account, which the assessee claimed were not under their control and were disclosed to buy peace of mind. The Tribunal found the penalty unwarranted as the AO failed to record satisfaction for the amount in question and the notice was deemed invalid. en-us Fri, 31 May 2019 00:00:00 +0530 Thu, 06 Jun 2019 10:08:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381212 The Tribunal allowed the appeal, quashing the penalty under section 271(1)(c) due to non-recording of satisfaction by the AO and the invalid notice issued under section 274 read with section 271(1)(c). The penalty was related to funds in a foreign bank account, which the assessee claimed were not under their control and were disclosed to buy peace of mind. The Tribunal found the penalty unwarranted as the AO failed to record satisfaction for the amount in question and the notice was deemed invalid. Case-Laws Income Tax Fri, 31 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381212