https://www.taxtmi.com/caselaws?id=55996 The ITAT allowed two appeals by the assessee concerning penalties imposed under sections 271(1)(a) and 273(2)(a) of the IT Act. The CIT(A) confirmed penalties imposed by the AO, but the ITAT set aside both penalties. It was held that the AO failed to initiate penalty proceedings correctly during the assessment, rendering the penalties invalid. The judgments underscore the significance of following proper procedures in imposing penalties under the IT Act, emphasizing the need for the AO to record satisfaction and initiate penalty proceedings during the assessment process for the penalties to be valid. en-us Mon, 06 Oct 1997 00:00:00 +0530 Wed, 01 Dec 2010 10:31:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55996 The ITAT allowed two appeals by the assessee concerning penalties imposed under sections 271(1)(a) and 273(2)(a) of the IT Act. The CIT(A) confirmed penalties imposed by the AO, but the ITAT set aside both penalties. It was held that the AO failed to initiate penalty proceedings correctly during the assessment, rendering the penalties invalid. The judgments underscore the significance of following proper procedures in imposing penalties under the IT Act, emphasizing the need for the AO to record satisfaction and initiate penalty proceedings during the assessment process for the penalties to be valid. Case-Laws Income Tax Mon, 06 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55996