https://www.taxtmi.com/caselaws?id=382593 The Tribunal set aside the penalty order imposed under section 271(1)(c) of the Income Tax Act as the Assessing Officer failed to record proper satisfaction in the assessment order. The penalty for both inaccurate particulars of income and concealment of income was deemed invalid due to the absence of a show cause notice and proper satisfaction. Relying on the precedent established by the Bombay High Court, the Tribunal allowed the assessee's appeal, emphasizing the necessity of following procedural requirements in levying penalties. en-us Wed, 26 Jun 2019 00:00:00 +0530 Sat, 06 Jul 2019 08:00:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382593 The Tribunal set aside the penalty order imposed under section 271(1)(c) of the Income Tax Act as the Assessing Officer failed to record proper satisfaction in the assessment order. The penalty for both inaccurate particulars of income and concealment of income was deemed invalid due to the absence of a show cause notice and proper satisfaction. Relying on the precedent established by the Bombay High Court, the Tribunal allowed the assessee's appeal, emphasizing the necessity of following procedural requirements in levying penalties. Case-Laws Income Tax Wed, 26 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382593