https://www.taxtmi.com/caselaws?id=309977 The penalty imposed under section 271D for accepting cash in violation of section 269SS was canceled as the Assessing Officer did not record satisfaction for initiating penalty proceedings in the assessment order. The Tribunal found this omission to be fatal, following the precedent that recording satisfaction is mandatory for such penalty proceedings. As a result, the penalty was quashed, and the appeals by the assessee were allowed. en-us Wed, 31 May 2023 00:00:00 +0530 Thu, 28 Sep 2023 21:28:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309977 The penalty imposed under section 271D for accepting cash in violation of section 269SS was canceled as the Assessing Officer did not record satisfaction for initiating penalty proceedings in the assessment order. The Tribunal found this omission to be fatal, following the precedent that recording satisfaction is mandatory for such penalty proceedings. As a result, the penalty was quashed, and the appeals by the assessee were allowed. Case-Laws Income Tax Wed, 31 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309977