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TMI Blog2016 (2) TMI 1206X X X X Extracts X X X X X X X X Extracts X X X X ..... 11) TMI 1453 - SUPREME COURT] we are of the opinion, that the levy of penalty u/s 271D & 271E of the IT Act, 1961 cannot survive. Such orders are set aside and the appeals of the assessee are allowed - ITA Nos.1053 & 1054(BNG.)/2014 - - - Dated:- 10-2-2016 - Shri Abraham P George And Shri Vijaypal Rao, JJ. Assessee by: Shri A. Ashok Kulkarni, Advocate Revenue by: Shri Rajashekar, M. Addl.CIT ORDER Shri Abraham P George, These are appeals filed by the assessee directed against the orders dated 01-04-2014 of CIT(A), Belgaum. 2. Through these appeals the assessee assails levy of penalty u/s 271E and 271D of the IT Act, 1961. In addition to the original grounds filed, the assessee has also filed a set of addit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me person. Assessee was engaged in dairy farming business and her husband was helping her in such business. Copy of the assessment for the impugned assessment year which is placed on record by the learned AR does not have even a whisper regarding the acceptance of loan in cash or re-payment of loans in cash. The assessment order dated 28-09-2009 for the impugned assessment year does not mention anything regarding any initiation of penalty proceedings for violation of sec.269SS and 269T of the IT Act, 1961. In the case of Jai Laxmi Rice Mills decided by the Hon ble Apex Court the question was whether a satisfaction has to be recorded in the assessment order for initiation of penalty u/s 271E of the Act. In the said case, after the levy of pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the High Court in the impugned order. 5. As pointed out above, in sofaras, the fresh assessment order is concerned, there was no satisfaction recorded regarding the penalty proceedings u/s 271E of the Act though in that order the AO wanted penalty proceeding to be initiated u/s 271(1)( c) of the Act. Thus, in so far as penalty u/s 271E is concerned, it was without any satisfaction and therefore, no such penalty could be levied. 7. In our opinion, the legal issue raised by the assessee do not require any fresh assimilation of facts and can therefore, be admitted. A reading of the judgment of the Hon ble Apex Court reproduced above does show that it is thus imperative for satisfaction to be recorded in the assessment order for initi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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