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Assessing Officer Satisfaction Requirement Bars Penalty for Cash Receipt in Immovable-Property Sale Cases Where Initiation Lacks Recorded Satisfaction.
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Recording of satisfaction by the Assessing Officer during assessment is required before penalty proceedings under section 271D can be initiated for cash receipt of immovable-property sale consideration. Where jurisdictionally binding precedent requires this satisfaction, a contrary Tribunal view based on law binding in another jurisdiction does not govern. When High Court interpretations diverge, the interpretation favourable to the assessee applies. On that basis, deletion of the penalty was sustained, the Revenue's appeal was dismissed, and the assessee's cross-objection became infructuous.
Recording of satisfaction by the Assessing Officer during assessment is required before penalty proceedings under section 271D can be initiated for cash receipt of immovable-property sale consideration. Where jurisdictionally binding precedent requires this satisfaction, a contrary Tribunal view based on law binding in another jurisdiction does not govern. When High Court interpretations diverge, the interpretation favourable to the assessee applies. On that basis, deletion of the penalty was sustained, the Revenue's appeal was dismissed, and the assessee's cross-objection became infructuous.
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