https://www.taxtmi.com/caselaws?id=792439 Penalty proceedings under sections 271D and 271E require satisfaction to be recorded by the Assessing Officer in the reassessment order; absent such recorded satisfaction, the penalty notices cannot be sustained. The Rajasthan HC quashed the notices and related penalty proceedings for assessment year 2012-13, following the principle in Jai Laxmi Rice Mills. The special leave petition was later dismissed by the SC on delay, as no satisfactory explanation was offered for condonation. en-us Mon, 25 May 2026 00:00:00 +0530 Thu, 28 May 2026 08:21:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792439 Penalty proceedings under sections 271D and 271E require satisfaction to be recorded by the Assessing Officer in the reassessment order; absent such recorded satisfaction, the penalty notices cannot be sustained. The Rajasthan HC quashed the notices and related penalty proceedings for assessment year 2012-13, following the principle in Jai Laxmi Rice Mills. The special leave petition was later dismissed by the SC on delay, as no satisfactory explanation was offered for condonation. Case-Laws Income Tax Mon, 25 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792439