https://www.taxtmi.com/caselaws?id=766827 Penalty under section 271E could not be sustained where the assessment order did not record the Assessing Officer's satisfaction that repayment of cash attracted section 269T and warranted initiation of penalty proceedings. The record showed initiation of other penalty action, but no recorded satisfaction connecting the alleged default to section 269T or the proposed penalty under section 271E. In the absence of that foundational satisfaction in the assessment proceedings, the penalty proceedings were held to lack a valid basis, and the penalty order and the appellate order upholding it were set aside in favour of the assessee. en-us Thu, 16 Jan 2025 00:00:00 +0530 Wed, 05 Mar 2025 07:49:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766827 Penalty under section 271E could not be sustained where the assessment order did not record the Assessing Officer's satisfaction that repayment of cash attracted section 269T and warranted initiation of penalty proceedings. The record showed initiation of other penalty action, but no recorded satisfaction connecting the alleged default to section 269T or the proposed penalty under section 271E. In the absence of that foundational satisfaction in the assessment proceedings, the penalty proceedings were held to lack a valid basis, and the penalty order and the appellate order upholding it were set aside in favour of the assessee. Case-Laws Income Tax Thu, 16 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766827