Tribunal Rules Penalty u/s 271D Invalid for Lack of Jurisdiction, Citing Supreme Court Precedent.

Tribunal Rules Penalty u/s 271D Invalid for Lack of Jurisdiction, Citing Supreme Court Precedent. https://www.taxtmi.com/highlights?id=74636 Penalty u/s. 271D - Failure to record any satisfaction for initiating the said penalty proceedings by the A.O - Tribunal held that, the issue before us is no more resintegra in light of the judgment of the Hon’ble Supreme Court in the case of CIT Vs. Jai Laxmi Rice Mills Ambala City [2023 (10) TMI 707 - GUJARAT HIGH COURT], therefore, in the backdrop of our aforesaid deliberations, the penalty imposed by the Jt.CIT u/s. 271D of the Act cannot be sustained and is liable to be struck down for want of valid assumption of jurisdiction. en-us Mon, 05 Feb 2024 18:38:37 +0530 Mon, 05 Feb 2024 18:38:37 +0530 TaxTMI RSS Generator Tribunal Rules Penalty u/s 271D Invalid for Lack of Jurisdiction, Citing Supreme Court Precedent. https://www.taxtmi.com/highlights?id=74636 Penalty u/s. 271D - Failure to record any satisfaction for initiating the said penalty proceedings by the A.O - Tribunal held that, the issue before us is no more resintegra in light of the judgment of the Hon’ble Supreme Court in the case of CIT Vs. Jai Laxmi Rice Mills Ambala City [2023 (10) TMI 707 - GUJARAT HIGH COURT], therefore, in the backdrop of our aforesaid deliberations, the penalty imposed by the Jt.CIT u/s. 271D of the Act cannot be sustained and is liable to be struck down for want of valid assumption of jurisdiction. Highlights Income Tax Mon, 05 Feb 2024 18:38:37 +0530 https://www.taxtmi.com/highlights?id=74636