https://www.taxtmi.com/caselaws?id=446858 ITAT Hyderabad deleted penalty u/s 271D for cash acceptance violating section 269SS. Following jurisdictional HC precedent in Srinivasa Reddy Reddeppagari and SC decision in Jai Laxmi Rice Mills, the tribunal held that satisfaction must be recorded in the original assessment order before initiating penalty proceedings under section 271D, similar to section 271E requirements. Since no such satisfaction was recorded in the assessment order, the penalty was deemed invalid and deleted in favor of the assessee. en-us Wed, 29 Nov 2023 00:00:00 +0530 Tue, 12 Dec 2023 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446858 ITAT Hyderabad deleted penalty u/s 271D for cash acceptance violating section 269SS. Following jurisdictional HC precedent in Srinivasa Reddy Reddeppagari and SC decision in Jai Laxmi Rice Mills, the tribunal held that satisfaction must be recorded in the original assessment order before initiating penalty proceedings under section 271D, similar to section 271E requirements. Since no such satisfaction was recorded in the assessment order, the penalty was deemed invalid and deleted in favor of the assessee. Case-Laws Income Tax Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446858