https://www.taxtmi.com/caselaws?id=397572 The Appellate Tribunal ITAT Pune set aside the penalty order imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2011-12. The Tribunal ruled in favor of the appellant, emphasizing that the Assessing Officer failed to establish clear satisfaction regarding either concealment of income or furnishing inaccurate particulars of income before initiating penalty proceedings. Due to the absence of a proper show cause notice specifying the grounds for penalty, the Tribunal deemed the penalty order invalid, highlighting the necessity for proper procedural requirements before imposing penalties for alleged income concealment or inaccuracies. en-us Thu, 20 Aug 2020 00:00:00 +0530 Fri, 21 Aug 2020 14:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397572 The Appellate Tribunal ITAT Pune set aside the penalty order imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2011-12. The Tribunal ruled in favor of the appellant, emphasizing that the Assessing Officer failed to establish clear satisfaction regarding either concealment of income or furnishing inaccurate particulars of income before initiating penalty proceedings. Due to the absence of a proper show cause notice specifying the grounds for penalty, the Tribunal deemed the penalty order invalid, highlighting the necessity for proper procedural requirements before imposing penalties for alleged income concealment or inaccuracies. Case-Laws Income Tax Thu, 20 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397572