Penalty Proceedings Initiated without Requisite Satisfaction: ITAT Quashes Penalty [Read Order]

The Delhi Income Tax Appellate Tribunal (ITAT) while quashing the penalty held that the proceedings had been initiated by the assessing officer without requisite satisfaction. Ritu Kamal Kishore counsel appeared for the assessee and P. Praveen Sidharth, counsel for the revenue. Assessee A2Z Maintenance and Engineering Services Limited is engaged in providing engineering services etc. The search and…