https://www.taxtmi.com/caselaws?id=32453 The Court dismissed the appeal against the Tribunal's decision to set aside the penalty under Section 271(1)(c) of the Income Tax Act for the assessment year 1995-96. The Court found that the satisfaction of the Assessing Officer for initiating penalty proceedings was not explicitly recorded in the assessment order, as required by law. As there was no discernible satisfaction of the Assessing Officer in the assessment order, the Court held that no substantial question of law arose and upheld the Tribunal's decision. en-us Fri, 14 Sep 2007 00:00:00 +0530 Wed, 25 Feb 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32453 The Court dismissed the appeal against the Tribunal's decision to set aside the penalty under Section 271(1)(c) of the Income Tax Act for the assessment year 1995-96. The Court found that the satisfaction of the Assessing Officer for initiating penalty proceedings was not explicitly recorded in the assessment order, as required by law. As there was no discernible satisfaction of the Assessing Officer in the assessment order, the Court held that no substantial question of law arose and upheld the Tribunal's decision. Case-Laws Income Tax Fri, 14 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32453