https://www.taxtmi.com/caselaws?id=57280 The ITAT allowed the appeal and canceled the penalty under section 271(1)(c) as the AO did not record satisfaction during assessment proceedings, contrary to legal requirements. The ITAT emphasized the necessity for the assessing authority to form an opinion and record satisfaction before initiating penalty proceedings, citing precedents from the Bombay High Court and Delhi High Court. The lack of recorded satisfaction by the AO led to the cancellation of the penalty imposed. en-us Fri, 30 May 2003 00:00:00 +0530 Tue, 19 Jun 2012 13:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57280 The ITAT allowed the appeal and canceled the penalty under section 271(1)(c) as the AO did not record satisfaction during assessment proceedings, contrary to legal requirements. The ITAT emphasized the necessity for the assessing authority to form an opinion and record satisfaction before initiating penalty proceedings, citing precedents from the Bombay High Court and Delhi High Court. The lack of recorded satisfaction by the AO led to the cancellation of the penalty imposed. Case-Laws Income Tax Fri, 30 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57280