https://www.taxtmi.com/caselaws?id=390304 The Tribunal allowed the appeal, canceling the penalty imposed under section 271D of the IT Act, 1961, citing the appellant's reasonable cause for accepting the cash loan and the absence of recorded satisfaction by the Assessing Officer. The decision aligned with the Supreme Court ruling in CIT vs. Jai Laxmi Rice Mills, emphasizing the necessity of valid satisfaction before initiating penalty proceedings. The delay in filing the appeal was condoned due to unforeseen circumstances involving a road accident requiring surgery for the appellant's father. en-us Wed, 11 Dec 2019 00:00:00 +0530 Sun, 29 Dec 2019 09:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390304 The Tribunal allowed the appeal, canceling the penalty imposed under section 271D of the IT Act, 1961, citing the appellant's reasonable cause for accepting the cash loan and the absence of recorded satisfaction by the Assessing Officer. The decision aligned with the Supreme Court ruling in CIT vs. Jai Laxmi Rice Mills, emphasizing the necessity of valid satisfaction before initiating penalty proceedings. The delay in filing the appeal was condoned due to unforeseen circumstances involving a road accident requiring surgery for the appellant's father. Case-Laws Income Tax Wed, 11 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390304