No Section 271D Penalty Without Recorded Satisfaction: Telangana HC

Srinivasa Reddy Reddeppagari Vs JCIT (Telangana High Court) The Telangana High Court, in Srinivasa Reddy Reddeppagari Vs JCIT, set aside a penalty order passed under Section 271D of the Income Tax Act, 1961, and remanded the matter back to the Joint Commissioner for fresh consideration. The petitioner had challenged an order imposing a penalty of ₹87.80 lakh for alleged violation of Section 269SS of the Act. The case arose after the Income Tax Department alleged that the petitioner had accepted cash of ₹87.80 lakh from sale transactions relating to immovable properties, instead of receivin...