https://www.taxtmi.com/caselaws?id=373120 The tribunal allowed the appeal, overturning the penalty of Rs. 12,05,000 imposed under section 271D of the Income-tax Act, 1961. The decision was based on the Assessing Officer's failure to record satisfaction regarding the initiation of penalty proceedings during the assessment, as required by relevant case law. The tribunal emphasized the necessity of recording satisfaction for imposing penalties under specific sections of the Act, ultimately deeming the penalty unjustified and deleting it. en-us Thu, 03 Jan 2019 00:00:00 +0530 Sun, 06 Jan 2019 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373120 The tribunal allowed the appeal, overturning the penalty of Rs. 12,05,000 imposed under section 271D of the Income-tax Act, 1961. The decision was based on the Assessing Officer's failure to record satisfaction regarding the initiation of penalty proceedings during the assessment, as required by relevant case law. The tribunal emphasized the necessity of recording satisfaction for imposing penalties under specific sections of the Act, ultimately deeming the penalty unjustified and deleting it. Case-Laws Income Tax Thu, 03 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373120