https://www.taxtmi.com/caselaws?id=353249 The Tribunal allowed the appeal, canceling the penalty under section 271D of the Income Tax Act. The decision was based on the requirement of a recorded satisfaction for imposing penalties, as per the Supreme Court judgment in CIT Vs. Jai Laxmi Rice Mills. Since no such satisfaction was recorded in the assessment order, the penalty was deemed invalid, leading to its cancellation. The case emphasized the significance of following legal procedures for penalty imposition under the Income Tax Act. en-us Tue, 03 Oct 2017 00:00:00 +0530 Sat, 30 Dec 2017 09:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353249 The Tribunal allowed the appeal, canceling the penalty under section 271D of the Income Tax Act. The decision was based on the requirement of a recorded satisfaction for imposing penalties, as per the Supreme Court judgment in CIT Vs. Jai Laxmi Rice Mills. Since no such satisfaction was recorded in the assessment order, the penalty was deemed invalid, leading to its cancellation. The case emphasized the significance of following legal procedures for penalty imposition under the Income Tax Act. Case-Laws Income Tax Tue, 03 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353249