ITAT Deletes Section 271D Penalty Due to Absence of Assessment Proceedings

Rameshwar Prashad Sharma Vs JCIT (ITAT Delhi) Assessment Order, No Penalty: ITAT Quashes 271D Penalty for Lack of Satisfaction; ITAT Cancels Cash Transaction Penalty Because AO Failed to Record Satisfaction in Assessment; Section 271D Penalty Invalid Without Regular Assessment, Rules ITAT Delhi; ITAT Quashes Penalty on Property Cash Transaction Due to Procedural Defect Summary: The ITAT Delhi held that penalty under Section 271D for alleged violation of Section 269SS cannot survive where no assessment proceedings or assessment order existed recording satisfaction regarding the default. In ...