https://www.taxtmi.com/caselaws?id=399645 The Tribunal allowed the assessee's appeal, setting aside the penalty imposed under Section 271E of the Income Tax Act. The decision was based on the legal objection raised regarding the formation of 'satisfaction' by the Assessing Officer for the penalty and the merits of the case concerning the nature of cash payments made to parties. The Tribunal found that the cash payments were part of the discharge of liabilities from earlier years, supported by evidence and consistent with past practices, leading to the quashing of the penalty. en-us Tue, 13 Oct 2020 00:00:00 +0530 Thu, 15 Oct 2020 14:50:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399645 The Tribunal allowed the assessee's appeal, setting aside the penalty imposed under Section 271E of the Income Tax Act. The decision was based on the legal objection raised regarding the formation of 'satisfaction' by the Assessing Officer for the penalty and the merits of the case concerning the nature of cash payments made to parties. The Tribunal found that the cash payments were part of the discharge of liabilities from earlier years, supported by evidence and consistent with past practices, leading to the quashing of the penalty. Case-Laws Income Tax Tue, 13 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399645