https://www.taxtmi.com/caselaws?id=777055 ITAT, Chennai (AT) allowed the appeal, holding that penalty under Sec.271D for alleged contravention of Sec.269SS could not be validly initiated because the AO failed to record mandatory satisfaction in the assessment order. Relying on precedents, the tribunal found absence of the requisite satisfaction in the assessment proceedings (u/s 153C) rendered initiation of penalty proceedings under Sec.271D invalid, and therefore the penalty was set aside. en-us Wed, 08 Jan 2025 00:00:00 +0530 Sat, 23 Aug 2025 08:31:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777055 ITAT, Chennai (AT) allowed the appeal, holding that penalty under Sec.271D for alleged contravention of Sec.269SS could not be validly initiated because the AO failed to record mandatory satisfaction in the assessment order. Relying on precedents, the tribunal found absence of the requisite satisfaction in the assessment proceedings (u/s 153C) rendered initiation of penalty proceedings under Sec.271D invalid, and therefore the penalty was set aside. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777055