https://www.taxtmi.com/caselaws?id=305280 The Tribunal allowed the appeal and deleted the penalty imposed under section 271D of the Income Tax Act, 1961 for the assessment year 2010-11. It was held that the absence of recording satisfaction regarding the initiation of penalty proceedings, as required by precedent, rendered the penalty invalid. The Tribunal aligned with the legal requirement established by the Hon'ble Supreme Court, resulting in the deletion of the penalty in favor of the appellant. en-us Tue, 21 Mar 2017 00:00:00 +0530 Fri, 25 Nov 2022 22:10:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305280 The Tribunal allowed the appeal and deleted the penalty imposed under section 271D of the Income Tax Act, 1961 for the assessment year 2010-11. It was held that the absence of recording satisfaction regarding the initiation of penalty proceedings, as required by precedent, rendered the penalty invalid. The Tribunal aligned with the legal requirement established by the Hon'ble Supreme Court, resulting in the deletion of the penalty in favor of the appellant. Case-Laws Income Tax Tue, 21 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305280