https://www.taxtmi.com/caselaws?id=787306 Penalty under the relevant cash-transaction penalty provision cannot be sustained where the factual record shows the receipt arose from property owned and sold by the spouse and the sale proceeds were deposited by her into a joint account, because the assessee did not himself accept the specified sum. Further, imposition of the penalty requires the Assessing Officer to record satisfaction regarding contravention in the assessment order; absence of such recorded satisfaction vitiates subsequent penalty proceedings. Both defects led to quashing of the penalty and allowance of the appeal. en-us Thu, 26 Feb 2026 00:00:00 +0530 Mon, 02 Mar 2026 08:34:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787306 Penalty under the relevant cash-transaction penalty provision cannot be sustained where the factual record shows the receipt arose from property owned and sold by the spouse and the sale proceeds were deposited by her into a joint account, because the assessee did not himself accept the specified sum. Further, imposition of the penalty requires the Assessing Officer to record satisfaction regarding contravention in the assessment order; absence of such recorded satisfaction vitiates subsequent penalty proceedings. Both defects led to quashing of the penalty and allowance of the appeal. Case-Laws Income Tax Thu, 26 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787306