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2003 (9) TMI 51 - HC - Income Tax
Penalty u/s 271(1)(c) – recording of satisfaction by AO - By the impugned order the Tribunal has deleted the penalty levied on the respondent-assessee under section 271(1)(c) of the Act, in respect of the assessment year 1993-94, on the ground that in the assessment order the Assessing Officer has not recorded his satisfaction, as contemplated under section 271(1)(c) – no infirmity in Tribunal’s order – Revenue’s appeal dismissed