https://www.taxtmi.com/caselaws?id=764550 ITAT Chennai allowed the assessee's appeal against penalty levied under section 271D for cash deposits during demonetization period. The Tribunal held that penalty proceedings were invalidly initiated as the AO failed to record satisfaction regarding violation of section 269SS provisions in the assessment order dated 31.10.2019, which is a mandatory requirement. Following established precedent, the penalty order passed by Additional CIT was declared bad in law due to procedural non-compliance. en-us Fri, 10 Jan 2025 00:00:00 +0530 Mon, 13 Jan 2025 08:40:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764550 ITAT Chennai allowed the assessee's appeal against penalty levied under section 271D for cash deposits during demonetization period. The Tribunal held that penalty proceedings were invalidly initiated as the AO failed to record satisfaction regarding violation of section 269SS provisions in the assessment order dated 31.10.2019, which is a mandatory requirement. Following established precedent, the penalty order passed by Additional CIT was declared bad in law due to procedural non-compliance. Case-Laws Income Tax Fri, 10 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764550