https://www.taxtmi.com/caselaws?id=765168 The Tribunal concluded that the penalty imposed under Section 271D of the Income-tax Act could not be sustained because the underlying assessment order under Section 153C was quashed as void ab initio. The quashing was due to procedural deficiencies, including the absence of a valid satisfaction note and lack of incriminating material. The Tribunal emphasized that the penalty proceedings were contingent upon the validity of the assessment order. Consequently, the appeal filed by the assessee was allowed, and the penalty was deleted. en-us Wed, 15 Jan 2025 00:00:00 +0530 Mon, 27 Jan 2025 08:40:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765168 The Tribunal concluded that the penalty imposed under Section 271D of the Income-tax Act could not be sustained because the underlying assessment order under Section 153C was quashed as void ab initio. The quashing was due to procedural deficiencies, including the absence of a valid satisfaction note and lack of incriminating material. The Tribunal emphasized that the penalty proceedings were contingent upon the validity of the assessment order. Consequently, the appeal filed by the assessee was allowed, and the penalty was deleted. Case-Laws Income Tax Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765168