Penalty u/s 271(1)(c) invalid due to AO's failure to record necessary satisfaction during assessment.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Levy of penalty u/s 271(1)(c) - no satisfaction as required by law has been recorded by AO during the assessment proceedings, hence, imposition of penalty is bad in law. - AT....