https://www.taxtmi.com/caselaws?id=468303 Penalty under Section 271D of the Income-tax Act could not be sustained because the assessment order did not record the Assessing Officer's clear satisfaction that the assessee had violated Section 269SS by accepting cash loans. The High Court held that such recorded satisfaction, based on the assessment material, is a jurisdictional precondition for initiating penalty proceedings under Section 271D. As no specific finding appeared in the assessment order, the penalty initiation lacked foundation and was without jurisdiction. The penalty order was therefore set aside in favour of the assessee. en-us Fri, 04 Oct 2024 00:00:00 +0530 Mon, 27 Apr 2026 20:38:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468303 Penalty under Section 271D of the Income-tax Act could not be sustained because the assessment order did not record the Assessing Officer's clear satisfaction that the assessee had violated Section 269SS by accepting cash loans. The High Court held that such recorded satisfaction, based on the assessment material, is a jurisdictional precondition for initiating penalty proceedings under Section 271D. As no specific finding appeared in the assessment order, the penalty initiation lacked foundation and was without jurisdiction. The penalty order was therefore set aside in favour of the assessee. Case-Laws Income Tax Fri, 04 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468303