https://www.taxtmi.com/caselaws?id=466439 Penalty under section 271D premised on an alleged contravention of section 269SS cannot be sustained absent a recorded finding by the Assessing Officer that cash loans were accepted. The High Court held that the AO did not record satisfaction of a statutory breach and apparently accepted the assessee's explanation; therefore a superior officer (Joint Commissioner) could not independently levy the penalty. The consequence is that a penalty order imposed without the AO's recorded satisfaction is invalid and was set aside; the writ petition was allowed. en-us Fri, 04 Oct 2024 00:00:00 +0530 Sun, 08 Feb 2026 17:12:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466439 Penalty under section 271D premised on an alleged contravention of section 269SS cannot be sustained absent a recorded finding by the Assessing Officer that cash loans were accepted. The High Court held that the AO did not record satisfaction of a statutory breach and apparently accepted the assessee's explanation; therefore a superior officer (Joint Commissioner) could not independently levy the penalty. The consequence is that a penalty order imposed without the AO's recorded satisfaction is invalid and was set aside; the writ petition was allowed. Case-Laws Income Tax Fri, 04 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466439