https://www.taxtmi.com/caselaws?id=753751 ITAT Visakhapatnam allowed the assessee's appeal and deleted the penalty imposed under section 271D for contravention of section 269SS. The tribunal held that the AO failed to record satisfaction regarding initiation of penalty proceedings, which is mandatory as established in Jaya Laxmi Rice Mills case by SC. Since section 271D is pari materia to section 271E, non-recording of satisfaction is fatal to penalty proceedings. The tribunal set aside the CIT(A)-NFAC order and quashed the penalty. en-us Tue, 28 May 2024 00:00:00 +0530 Sat, 08 Jun 2024 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753751 ITAT Visakhapatnam allowed the assessee's appeal and deleted the penalty imposed under section 271D for contravention of section 269SS. The tribunal held that the AO failed to record satisfaction regarding initiation of penalty proceedings, which is mandatory as established in Jaya Laxmi Rice Mills case by SC. Since section 271D is pari materia to section 271E, non-recording of satisfaction is fatal to penalty proceedings. The tribunal set aside the CIT(A)-NFAC order and quashed the penalty. Case-Laws Income Tax Tue, 28 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753751