https://www.taxtmi.com/caselaws?id=768877 The Tribunal addressed penalties under the Black Money Act in two contexts. For Section 41 penalties, the Tribunal directed recalculation based on previously reduced additions in quantum appeals, with both parties agreeing to this approach. For Section 43 penalties concerning AY 2018-19, the Tribunal quashed the orders entirely, finding the AO failed to record necessary satisfaction for that specific year in the assessment order. The HC rejected the Department's argument that this was merely a clerical error, ruling that recorded satisfaction for each assessment year is a substantive requirement for penalty imposition under the Act. en-us Fri, 28 Mar 2025 00:00:00 +0530 Tue, 15 Apr 2025 08:35:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768877 The Tribunal addressed penalties under the Black Money Act in two contexts. For Section 41 penalties, the Tribunal directed recalculation based on previously reduced additions in quantum appeals, with both parties agreeing to this approach. For Section 43 penalties concerning AY 2018-19, the Tribunal quashed the orders entirely, finding the AO failed to record necessary satisfaction for that specific year in the assessment order. The HC rejected the Department's argument that this was merely a clerical error, ruling that recorded satisfaction for each assessment year is a substantive requirement for penalty imposition under the Act. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768877