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

Advertisement 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...