https://www.taxtmi.com/caselaws?id=437545 The tribunal quashed the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, finding a discrepancy between the grounds for penalty initiation and the actual penalty imposed for furnishing inaccurate particulars of income. The tribunal emphasized the necessity of proper satisfaction for penalty proceedings and highlighted the importance of adhering to established legal principles. Consequently, the appeal of the assessee was allowed, stressing the significance of prima facie satisfaction as a jurisdictional fact for initiating penal proceedings under section 271(1)(c). en-us Thu, 30 Mar 2023 00:00:00 +0530 Tue, 09 May 2023 08:06:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437545 The tribunal quashed the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, finding a discrepancy between the grounds for penalty initiation and the actual penalty imposed for furnishing inaccurate particulars of income. The tribunal emphasized the necessity of proper satisfaction for penalty proceedings and highlighted the importance of adhering to established legal principles. Consequently, the appeal of the assessee was allowed, stressing the significance of prima facie satisfaction as a jurisdictional fact for initiating penal proceedings under section 271(1)(c). Case-Laws Income Tax Thu, 30 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437545