https://www.taxtmi.com/caselaws?id=31869 The High Court upheld the Tribunal's decision to set aside penalty orders in two appeals related to Section 271(1)(c) of the Income Tax Act, 1961. The Court emphasized the requirement of a specific direction for penalty initiation in the assessment order for the deeming provision of the Finance Act, 2008 to apply. Since such direction was absent in the assessment orders, the deeming provision did not come into effect, rendering the penalty orders invalid due to the lack of the Assessing Officer's satisfaction. The appeals were dismissed, highlighting the importance of satisfying procedural requirements for penalty proceedings. en-us Thu, 04 Dec 2008 00:00:00 +0530 Wed, 24 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31869 The High Court upheld the Tribunal's decision to set aside penalty orders in two appeals related to Section 271(1)(c) of the Income Tax Act, 1961. The Court emphasized the requirement of a specific direction for penalty initiation in the assessment order for the deeming provision of the Finance Act, 2008 to apply. Since such direction was absent in the assessment orders, the deeming provision did not come into effect, rendering the penalty orders invalid due to the lack of the Assessing Officer's satisfaction. The appeals were dismissed, highlighting the importance of satisfying procedural requirements for penalty proceedings. Case-Laws Income Tax Thu, 04 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31869