https://www.taxtmi.com/caselaws?id=436372 The court quashed the penalty order under Section 271(1)(c) of the Income Tax Act, 1961, due to discrepancies between the grounds for penalty initiation and the actual penalty imposed. The appellant successfully argued that the notice cited inaccurate particulars of income, while the penalty was based on concealment. The court found the penalty order unsustainable in law, as it did not align with the satisfaction recorded by the Assessing Officer. Consequently, the penalty proceedings were deemed invalid, and the court ruled in favor of the appellant. en-us Mon, 20 Mar 2023 00:00:00 +0530 Thu, 11 Jan 2024 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436372 The court quashed the penalty order under Section 271(1)(c) of the Income Tax Act, 1961, due to discrepancies between the grounds for penalty initiation and the actual penalty imposed. The appellant successfully argued that the notice cited inaccurate particulars of income, while the penalty was based on concealment. The court found the penalty order unsustainable in law, as it did not align with the satisfaction recorded by the Assessing Officer. Consequently, the penalty proceedings were deemed invalid, and the court ruled in favor of the appellant. Case-Laws Income Tax Mon, 20 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436372