https://www.taxtmi.com/caselaws?id=410260 Penalty under section 271E was found unsustainable where the assessee denied any cash loan transaction, the alleged basis was seized material from another person, and no assessment proceedings were shown to be pending in the assessee's case for the relevant year. The Tribunal treated the recording of proper satisfaction in the assessment order as mandatory before initiating penalty proceedings. In the absence of both pending assessment proceedings and recorded satisfaction, the jurisdictional foundation for the penalty failed, and the penalty was deleted. en-us Tue, 27 Jul 2021 00:00:00 +0530 Wed, 28 Jul 2021 08:52:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410260 Penalty under section 271E was found unsustainable where the assessee denied any cash loan transaction, the alleged basis was seized material from another person, and no assessment proceedings were shown to be pending in the assessee's case for the relevant year. The Tribunal treated the recording of proper satisfaction in the assessment order as mandatory before initiating penalty proceedings. In the absence of both pending assessment proceedings and recorded satisfaction, the jurisdictional foundation for the penalty failed, and the penalty was deleted. Case-Laws Income Tax Tue, 27 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410260