ITAT Deletes Sections 271D & 271E Penalties for Lack of Recorded Satisfaction

DCIT Vs Subramaniam Thanu (ITAT Chennai) The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the Revenue’s appeals against the orders of the Commissioner of Income Tax (Appeals), who had deleted penalties imposed under Sections 271D and 271E of the Income-tax Act for Assessment Years 2015-16 and 2016-17. Since the facts and issues were identical, the Tribunal decided the appeals through a common order. The assessee’s cross-objections were also dismissed as infructuous after the Tribunal upheld the relief granted by the CIT(A). The assessee was subjected to a search unde...