https://www.taxtmi.com/caselaws?id=471082 Penalty under Section 271(1)(c) is not leviable where reassessment accepts returned income without any addition or disallowance, leaving no enhancement of taxable income to support penalty. Initiation also requires a valid and considered satisfaction identifying either concealment of income or furnishing inaccurate particulars. Satisfaction referring only to non-filing of the return does not establish either statutory basis. Consequently, penalty proceedings for concealment are unsustainable where the recorded satisfaction does not specify the applicable charge and the assessment creates no additional taxable income. en-us Mon, 15 May 2023 00:00:00 +0530 Thu, 20 Aug 2026 12:10:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471082 Penalty under Section 271(1)(c) is not leviable where reassessment accepts returned income without any addition or disallowance, leaving no enhancement of taxable income to support penalty. Initiation also requires a valid and considered satisfaction identifying either concealment of income or furnishing inaccurate particulars. Satisfaction referring only to non-filing of the return does not establish either statutory basis. Consequently, penalty proceedings for concealment are unsustainable where the recorded satisfaction does not specify the applicable charge and the assessment creates no additional taxable income. Case-Laws Income Tax Mon, 15 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471082