https://www.taxtmi.com/caselaws?id=294368 The Tribunal set aside the penalty imposed under section 271(1)(b) of the Income Tax Act, 1961, as there was no evidence of willful default due to subsequent compliance and cooperation during assessment proceedings. The decision emphasized the necessity of satisfaction recorded in the assessment order and highlighted that penalties should be imposed in accordance with the law, considering the conduct of the assessee during the assessment process. The appeal was allowed, directing the Assessing Officer to delete the penalty. en-us Wed, 20 Sep 2017 00:00:00 +0530 Thu, 08 Apr 2021 21:01:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294368 The Tribunal set aside the penalty imposed under section 271(1)(b) of the Income Tax Act, 1961, as there was no evidence of willful default due to subsequent compliance and cooperation during assessment proceedings. The decision emphasized the necessity of satisfaction recorded in the assessment order and highlighted that penalties should be imposed in accordance with the law, considering the conduct of the assessee during the assessment process. The appeal was allowed, directing the Assessing Officer to delete the penalty. Case-Laws Income Tax Wed, 20 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294368