https://www.taxtmi.com/caselaws?id=408353 The Tribunal dismissed the Revenue's appeal against the deletion of the penalty under section 271(1)(c) of the Income-tax Act for the assessment year 2012-13. It was found that the Assessing Officer failed to validly satisfy whether the penalty was initiated under the correct provisions, leading to the unsustainability of the penalty proceedings. The Tribunal upheld the deletion of the penalty, emphasizing the necessity of a valid satisfaction by the Assessing Officer for penalty initiation, as per relevant case law. Both the Revenue's appeal and the assessee's cross objections were dismissed. en-us Thu, 27 May 2021 00:00:00 +0530 Tue, 08 Jun 2021 09:10:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408353 The Tribunal dismissed the Revenue's appeal against the deletion of the penalty under section 271(1)(c) of the Income-tax Act for the assessment year 2012-13. It was found that the Assessing Officer failed to validly satisfy whether the penalty was initiated under the correct provisions, leading to the unsustainability of the penalty proceedings. The Tribunal upheld the deletion of the penalty, emphasizing the necessity of a valid satisfaction by the Assessing Officer for penalty initiation, as per relevant case law. Both the Revenue's appeal and the assessee's cross objections were dismissed. Case-Laws Income Tax Thu, 27 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408353