https://www.taxtmi.com/highlights?id=94269 ITAT held that initiation of penalty proceedings u/s 271DA for alleged contravention of s.269ST requires the assessing authority's recorded satisfaction to appear in the assessment order itself while analysing transactions, failing which limitation for initiation of penalty arises. The SC precedent was applied to require that even where an assessment is set aside and fresh assessment is framed de novo, the fresh assessment order must record the requisite satisfaction before invoking penalty u/s 271DA. Treating penalties u/s 271D and 271DA as pari materia in furtherance of cashless economy objectives, the Tribunal set aside penalty and decided the matter in favour of the assessee. en-us Tue, 18 Nov 2025 08:42:58 +0530 Tue, 18 Nov 2025 08:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=94269 ITAT held that initiation of penalty proceedings u/s 271DA for alleged contravention of s.269ST requires the assessing authority's recorded satisfaction to appear in the assessment order itself while analysing transactions, failing which limitation for initiation of penalty arises. The SC precedent was applied to require that even where an assessment is set aside and fresh assessment is framed de novo, the fresh assessment order must record the requisite satisfaction before invoking penalty u/s 271DA. Treating penalties u/s 271D and 271DA as pari materia in furtherance of cashless economy objectives, the Tribunal set aside penalty and decided the matter in favour of the assessee. Highlights Income Tax Tue, 18 Nov 2025 08:42:58 +0530 https://www.taxtmi.com/highlights?id=94269