https://www.taxtmi.com/caselaws?id=385281 The Tribunal held that the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2012-13 was invalid as the Assessing Officer failed to record satisfaction for initiating penalty proceedings. The Tribunal also noted the lack of clarity in specifying the grounds for penalty imposition and emphasized that penalty for concealment is unwarranted when income is estimated without actual concealment. Following precedent, the Tribunal directed the deletion of the penalty, allowing the appeal and setting aside the penalty. en-us Fri, 30 Aug 2019 00:00:00 +0530 Mon, 02 Sep 2019 08:12:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385281 The Tribunal held that the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2012-13 was invalid as the Assessing Officer failed to record satisfaction for initiating penalty proceedings. The Tribunal also noted the lack of clarity in specifying the grounds for penalty imposition and emphasized that penalty for concealment is unwarranted when income is estimated without actual concealment. Following precedent, the Tribunal directed the deletion of the penalty, allowing the appeal and setting aside the penalty. Case-Laws Income Tax Fri, 30 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385281