2021 (8) TMI 1285 - SCH - Income Tax

Penalty u/s 271(1)(c) - no proper recording of satisfaction - as per HC there is no record of satisfaction by the AO that there was any concealment of income or that any inaccurate particulars were furnished by the assessee. This being a sine qua non for initiation of penalty proceedings, in the absence of such petition, the two authorities have quite correctly ordered the dropping of penalty proceedings against the petitioner - HELD THAT - We are not inclined to interfere with the impugned order. The special leave petition is, accordingly, dismissed.

Summary

The Supreme Court dismissed the special leave petition without interference with the impugned order. Delay was condoned, and the pending application was disposed of.