https://www.taxtmi.com/caselaws?id=401283 The Tribunal found the penalty imposed under section 271(1)(b) of the Income Tax Act for assessment years 2012-13 and 2013-14 unnecessary. It was held that the penalty order should have been passed before a specific date to avoid limitation issues. The absence of recorded satisfaction in the assessment order meant the Assessing Officer lacked jurisdiction to levy the penalty. The Tribunal allowed the appeal, following a similar case precedent, and set aside the penalty, emphasizing the importance of satisfaction recording and distinguishing between penalties linked to assessment proceedings and independent penalties. en-us Tue, 01 Dec 2020 00:00:00 +0530 Thu, 03 Dec 2020 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401283 The Tribunal found the penalty imposed under section 271(1)(b) of the Income Tax Act for assessment years 2012-13 and 2013-14 unnecessary. It was held that the penalty order should have been passed before a specific date to avoid limitation issues. The absence of recorded satisfaction in the assessment order meant the Assessing Officer lacked jurisdiction to levy the penalty. The Tribunal allowed the appeal, following a similar case precedent, and set aside the penalty, emphasizing the importance of satisfaction recording and distinguishing between penalties linked to assessment proceedings and independent penalties. Case-Laws Income Tax Tue, 01 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401283