https://www.taxtmi.com/caselaws?id=445807 The ITAT Visakhapatnam held that penalty under section 271D was improperly levied without the AO recording satisfaction as mandated by SC precedent in CIT vs. Jai Laxmi Rice Mills. The AO imposed penalty for alleged contravention of section 269SS regarding cash acceptance by the company from its director, finding no reasonable cause. However, the Tribunal noted that quantum proceedings favored the assessee in both the company's case and the director's case, with additions deleted as creditworthiness and genuineness were established. The penalty order was quashed for lack of proper satisfaction recording. en-us Tue, 31 Oct 2023 00:00:00 +0530 Sat, 18 Nov 2023 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445807 The ITAT Visakhapatnam held that penalty under section 271D was improperly levied without the AO recording satisfaction as mandated by SC precedent in CIT vs. Jai Laxmi Rice Mills. The AO imposed penalty for alleged contravention of section 269SS regarding cash acceptance by the company from its director, finding no reasonable cause. However, the Tribunal noted that quantum proceedings favored the assessee in both the company's case and the director's case, with additions deleted as creditworthiness and genuineness were established. The penalty order was quashed for lack of proper satisfaction recording. Case-Laws Income Tax Tue, 31 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445807