https://www.taxtmi.com/caselaws?id=447626 The ITAT Hyderabad allowed the assessee's appeal against penalty under section 271D for cash receipt contravening section 269SS. The tribunal held that penalty under section 271D requires satisfaction to be recorded in the assessment order, following the SC precedent in Jai Laxmi Rice Mills case. The tribunal relied on decisions from ITAT Indore and Telangana HC, establishing that without proper assessment proceedings and recorded satisfaction in the assessment order, penalty under section 271D is invalid and must be quashed. en-us Tue, 26 Dec 2023 00:00:00 +0530 Sat, 30 Dec 2023 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447626 The ITAT Hyderabad allowed the assessee's appeal against penalty under section 271D for cash receipt contravening section 269SS. The tribunal held that penalty under section 271D requires satisfaction to be recorded in the assessment order, following the SC precedent in Jai Laxmi Rice Mills case. The tribunal relied on decisions from ITAT Indore and Telangana HC, establishing that without proper assessment proceedings and recorded satisfaction in the assessment order, penalty under section 271D is invalid and must be quashed. Case-Laws Income Tax Tue, 26 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447626