https://www.taxtmi.com/caselaws?id=31851 The High Court dismissed the revenue's appeal against the setting aside of a penalty under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 1984-85. The Court emphasized the necessity of the Assessing Officer recording satisfaction in the assessment order to initiate penalty proceedings, as per the decision in a previous case. Despite a pending reference to a larger Bench, the Court found that the assessment order did not reflect the required satisfaction. Consequently, the appeal was dismissed, affirming the Tribunal's decision and highlighting the importance of explicit satisfaction in the assessment order for penalty proceedings. en-us Mon, 17 Sep 2007 00:00:00 +0530 Mon, 22 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31851 The High Court dismissed the revenue's appeal against the setting aside of a penalty under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 1984-85. The Court emphasized the necessity of the Assessing Officer recording satisfaction in the assessment order to initiate penalty proceedings, as per the decision in a previous case. Despite a pending reference to a larger Bench, the Court found that the assessment order did not reflect the required satisfaction. Consequently, the appeal was dismissed, affirming the Tribunal's decision and highlighting the importance of explicit satisfaction in the assessment order for penalty proceedings. Case-Laws Income Tax Mon, 17 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31851