https://www.taxtmi.com/caselaws?id=312136 The ITAT quashed the penalty proceedings under section 271D of the Income Tax Act, initially confirmed by the CIT(A), due to the assessing officer's failure to record the necessary satisfaction for initiating the penalty. The absence of this recorded satisfaction was deemed critical, as per legal requirements and relevant judgments. Consequently, the appellant's appeal was allowed, and the penalty order was invalidated. The decision was delivered in open court on 24/09/2021, favoring the appellant. en-us Fri, 24 Sep 2021 00:00:00 +0530 Fri, 02 Feb 2024 21:38:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312136 The ITAT quashed the penalty proceedings under section 271D of the Income Tax Act, initially confirmed by the CIT(A), due to the assessing officer's failure to record the necessary satisfaction for initiating the penalty. The absence of this recorded satisfaction was deemed critical, as per legal requirements and relevant judgments. Consequently, the appellant's appeal was allowed, and the penalty order was invalidated. The decision was delivered in open court on 24/09/2021, favoring the appellant. Case-Laws Income Tax Fri, 24 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312136