https://www.taxtmi.com/caselaws?id=753494 The ITAT ruled in favor of the assessee, deleting the penalties imposed under section 271D of the Income-tax Act, 1961, for the assessment years 2016-17 and 2017-18. The penalties were deemed unjustified due to the lack of recorded satisfaction by the Assessing Officer in the assessment order under section 143(3) for initiating penalty proceedings for alleged violations under section 269SS. Consequently, the appeals were allowed, and the penalties were annulled. en-us Fri, 31 May 2024 00:00:00 +0530 Tue, 04 Jun 2024 08:04:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753494 The ITAT ruled in favor of the assessee, deleting the penalties imposed under section 271D of the Income-tax Act, 1961, for the assessment years 2016-17 and 2017-18. The penalties were deemed unjustified due to the lack of recorded satisfaction by the Assessing Officer in the assessment order under section 143(3) for initiating penalty proceedings for alleged violations under section 269SS. Consequently, the appeals were allowed, and the penalties were annulled. Case-Laws Income Tax Fri, 31 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753494