Section 271D Penalty Cannot Survive Without Recorded Satisfaction: Gujarat HC

Advertisement PCIT Vs Parivar Television Pvt. Ltd. (Gujarat High Court) The Gujarat High Court dismissed the Revenue’s appeal filed under Section 260A of the Income-tax Act, 1961, against the order of the Income Tax Appellate Tribunal (ITAT), Surat, relating to the block period from 1 April 1995 to 19 December 2001. The Revenue challenged the Tribunal’s decision deleting the penalty imposed under Section 271D, contending that the Tribunal had incorrectly relied on the Supreme Court’s decision in CIT v. Jai Laxmi Rice Mills, failed to uphold the findings of the Commissione...