https://www.taxtmi.com/caselaws?id=775520 The ITAT Pune held that the penalty under section 271D was barred by limitation as it was imposed after the statutory deadline of 28.02.2023, rendering the penalty order invalid and quashed. Additionally, the reopening of assessment was found invalid due to improper approval under section 151, vitiating the reassessment proceedings. Consequently, penalty proceedings under section 271D could not be sustained in the absence of a valid assessment order. The Tribunal relied on precedents establishing that penalty actions fail if the underlying assessment is invalid. The appeal of the assessee was allowed, quashing both the reassessment and penalty orders. en-us Wed, 23 Jul 2025 00:00:00 +0530 Sat, 26 Jul 2025 08:39:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775520 The ITAT Pune held that the penalty under section 271D was barred by limitation as it was imposed after the statutory deadline of 28.02.2023, rendering the penalty order invalid and quashed. Additionally, the reopening of assessment was found invalid due to improper approval under section 151, vitiating the reassessment proceedings. Consequently, penalty proceedings under section 271D could not be sustained in the absence of a valid assessment order. The Tribunal relied on precedents establishing that penalty actions fail if the underlying assessment is invalid. The appeal of the assessee was allowed, quashing both the reassessment and penalty orders. Case-Laws Income Tax Wed, 23 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775520