2014 (11) TMI 105

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....: Sri S. Parthasarathi, Advocate) JUDGEMENT Per : N Kumar J : This appeal is preferred against the order passed by the Tribunal dismissing the appeal filed against the order of the first appellate authority who has set aside the penalty imposed by the assessing authority. 2. The assessing authority after framing the assessment order has observed in the said order that penalty proceedin....

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....st. 3. Aggrieved by the said order, the revenue preferred an appeal to the Tribunal. The Tribunal was of the view an erroneous claim which was to become erroneous later cannot be subjected to penalty and, therefore, it dismissed the appeal. It is against the said order, the present appeal is filed. 4. When two fact finding authorities have recorded that there is no mala fide on the part of t....

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....e person initiating penalty proceedings should be satisfied about the existence of the said conditions which should be reflected in the assessment orders passed by them. In a given case, after appreciating the entire records, the officer passing the order may categorically state that he is satisfied that the assessee has concealed income. Once such a finding is recorded that is sufficient to initi....