https://www.taxtmi.com/caselaws?id=290766 The Tribunal allowed the appeal and deleted the penalty imposed under section 271E of the Income Tax Act, 1961 for the assessment year 2010-11. The Tribunal relied on the Supreme Court's precedent in CIT vs. Jai Laxmi Rice Mills, emphasizing the necessity of recording satisfaction regarding the initiation of penalty proceedings, which was absent in this case. Despite the Departmental Representative's argument that it was not mandatory to mention the initiation of penalty proceedings in the Assessment Order, the Tribunal found in favor of the appellant due to the lack of recorded satisfaction, leading to the deletion of the penalty. en-us Tue, 21 Mar 2017 00:00:00 +0530 Thu, 15 Oct 2020 12:20:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290766 The Tribunal allowed the appeal and deleted the penalty imposed under section 271E of the Income Tax Act, 1961 for the assessment year 2010-11. The Tribunal relied on the Supreme Court's precedent in CIT vs. Jai Laxmi Rice Mills, emphasizing the necessity of recording satisfaction regarding the initiation of penalty proceedings, which was absent in this case. Despite the Departmental Representative's argument that it was not mandatory to mention the initiation of penalty proceedings in the Assessment Order, the Tribunal found in favor of the appellant due to the lack of recorded satisfaction, leading to the deletion of the penalty. Case-Laws Income Tax Tue, 21 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290766