Section 271D Penalty Deleted as No Satisfaction Recorded in Assessment: SC

Advertisement PCIT Vs Parivar Television Pvt. Ltd. (Supreme Court of India) The case concerns a dispute over the validity of a penalty imposed under Section 271D of the Income Tax Act, arising from a search conducted on the Jayraj Group, including the premises of Parivar Television Pvt. Ltd. A block assessment was completed on 31 December 2003 for the period 1 April 1995 to 19 December 2001, determining undisclosed income but containing no reference to initiating penalty proceedings under Section 271D for alleged violations of Section 269SS relating to receipt of cash loans or deposits. Des...