https://www.taxtmi.com/caselaws?id=278039 The penalties imposed on the assessee under sections 271D and 271E of the IT Act, 1961 were set aside by the Tribunal. The Tribunal held that for the initiation of penalties under these sections, satisfaction must be recorded in the assessment order, which was lacking in this case. As a result, based on the precedent set by the Hon'ble Apex Court, the penalties were deemed invalid, and the appeals of the assessee were allowed. en-us Wed, 10 Feb 2016 00:00:00 +0530 Sun, 06 Jan 2019 06:12:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278039 The penalties imposed on the assessee under sections 271D and 271E of the IT Act, 1961 were set aside by the Tribunal. The Tribunal held that for the initiation of penalties under these sections, satisfaction must be recorded in the assessment order, which was lacking in this case. As a result, based on the precedent set by the Hon'ble Apex Court, the penalties were deemed invalid, and the appeals of the assessee were allowed. Case-Laws Income Tax Wed, 10 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278039