https://www.taxtmi.com/caselaws?id=300013 The ITAT, Mumbai, allowed the appeals by the assessee for A.Y. 2000-01, canceling penalties of &8377; 1,45,000/- each under sections 271D and 271E of the Income Tax Act, 1961. The penalties were annulled as the AO did not record satisfaction for initiating penalty proceedings in the assessment orders, following the legal principle that penalties cannot be imposed without such satisfaction. The decision underscores the significance of proper procedural adherence and documentation in penalty imposition, emphasizing the necessity for compliance with legal standards in penalty proceedings under the Income Tax Act. en-us Wed, 10 Aug 2016 00:00:00 +0530 Sat, 08 Jan 2022 09:46:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300013 The ITAT, Mumbai, allowed the appeals by the assessee for A.Y. 2000-01, canceling penalties of &8377; 1,45,000/- each under sections 271D and 271E of the Income Tax Act, 1961. The penalties were annulled as the AO did not record satisfaction for initiating penalty proceedings in the assessment orders, following the legal principle that penalties cannot be imposed without such satisfaction. The decision underscores the significance of proper procedural adherence and documentation in penalty imposition, emphasizing the necessity for compliance with legal standards in penalty proceedings under the Income Tax Act. Case-Laws Income Tax Wed, 10 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300013