ITAT Jaipur Set Aside Penalty Under 271E for Lack of Recorded Satisfaction

Anil Sharma Vs ITO (ITAT Jaipur) The Income Tax Appellate Tribunal (ITAT) Jaipur addressed an appeal filed by Anil Sharma, challenging a penalty imposed under Section 271E of the Income Tax Act, 1961. The Assessing Officer had levied a penalty of Rs. 24,988, alleging a violation of Section 269T, which pertains to the repayment of loans or deposits in cash exceeding a specified limit. The appellant argued that the Assessing Officer failed to record the necessary satisfaction regarding the violation of Section 269T, read with Section 271E, in the quantum assessment order. The appellant’s c...