Penalty Proceedings Invalidated Due to Lack of Recorded Satisfaction and Delayed Initiation, Tribunal Rules.

Penalty Proceedings Invalidated Due to Lack of Recorded Satisfaction and Delayed Initiation, Tribunal Rules. https://www.taxtmi.com/highlights?id=75142 Penalty u/s 271D / 271E - violation of provisions of Sec.269SS and 269T - basis of presumption u/s 132(4A) - Period of limitation - The Tribunal found that the penalty proceedings were not validly initiated due to the lack of satisfaction recorded in the assessment order regarding the violation of provisions of Sec.269SS. - It determined that the delay in moving the proposal for penalty proceedings after the conclusion of assessment proceedings was in violation of the CBDT Circular. en-us Fri, 23 Feb 2024 08:23:49 +0530 Fri, 23 Feb 2024 08:23:49 +0530 TaxTMI RSS Generator Penalty Proceedings Invalidated Due to Lack of Recorded Satisfaction and Delayed Initiation, Tribunal Rules. https://www.taxtmi.com/highlights?id=75142 Penalty u/s 271D / 271E - violation of provisions of Sec.269SS and 269T - basis of presumption u/s 132(4A) - Period of limitation - The Tribunal found that the penalty proceedings were not validly initiated due to the lack of satisfaction recorded in the assessment order regarding the violation of provisions of Sec.269SS. - It determined that the delay in moving the proposal for penalty proceedings after the conclusion of assessment proceedings was in violation of the CBDT Circular. Highlights Income Tax Fri, 23 Feb 2024 08:23:49 +0530 https://www.taxtmi.com/highlights?id=75142