https://www.taxtmi.com/caselaws?id=30880 The High Court set aside the Tribunal's order on penalty imposition under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 1997-1998. The Court remanded the matter to the Tribunal for reconsideration as the assessee demonstrated prima facie payment of advance tax on the disputed amount of Rs.23,50,000. The Court emphasized the need for a fresh review on both the satisfaction recording and merits issues, allowing all parties to present relevant submissions without expressing any opinion on the case's merits. en-us Mon, 22 Sep 2008 00:00:00 +0530 Wed, 01 Oct 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30880 The High Court set aside the Tribunal's order on penalty imposition under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 1997-1998. The Court remanded the matter to the Tribunal for reconsideration as the assessee demonstrated prima facie payment of advance tax on the disputed amount of Rs.23,50,000. The Court emphasized the need for a fresh review on both the satisfaction recording and merits issues, allowing all parties to present relevant submissions without expressing any opinion on the case's merits. Case-Laws Income Tax Mon, 22 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30880