https://www.taxtmi.com/caselaws?id=791269 Penalty under section 271D for alleged contravention of section 269SS cannot be sustained where no assessment order or other preceding proceedings record the requisite satisfaction about the default. The Tribunal found that the penalty was initiated without any assessment-based foundation showing the alleged cash transaction violation, and followed the coordinate bench view that such recorded satisfaction is necessary before levy. On that basis, the penalty was held unsustainable and deleted in favour of the assessee. en-us Wed, 06 May 2026 00:00:00 +0530 Fri, 08 May 2026 07:30:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791269 Penalty under section 271D for alleged contravention of section 269SS cannot be sustained where no assessment order or other preceding proceedings record the requisite satisfaction about the default. The Tribunal found that the penalty was initiated without any assessment-based foundation showing the alleged cash transaction violation, and followed the coordinate bench view that such recorded satisfaction is necessary before levy. On that basis, the penalty was held unsustainable and deleted in favour of the assessee. Case-Laws Income Tax Wed, 06 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791269