https://www.taxtmi.com/caselaws?id=449067 The ITAT Raipur quashed a penalty imposed under section 271D for accepting cash deposits exceeding Rs. 20,000 in violation of section 269SS. The tribunal held that the Assessing Officer failed to record satisfaction for initiating penalty proceedings in the assessment order passed under section 143(3), which is a mandatory requirement. Following the SC precedent in Jai Laxmi Rice Mills and Gujarat HC decision in Parivar Television, the tribunal ruled that without proper recording of satisfaction, the penalty could not be sustained and was liable to be quashed for want of valid assumption of jurisdiction. The assessee's appeal was allowed. en-us Tue, 02 Jan 2024 00:00:00 +0530 Tue, 12 May 2026 15:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449067 The ITAT Raipur quashed a penalty imposed under section 271D for accepting cash deposits exceeding Rs. 20,000 in violation of section 269SS. The tribunal held that the Assessing Officer failed to record satisfaction for initiating penalty proceedings in the assessment order passed under section 143(3), which is a mandatory requirement. Following the SC precedent in Jai Laxmi Rice Mills and Gujarat HC decision in Parivar Television, the tribunal ruled that without proper recording of satisfaction, the penalty could not be sustained and was liable to be quashed for want of valid assumption of jurisdiction. The assessee's appeal was allowed. Case-Laws Income Tax Tue, 02 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449067