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TMI Blog2019 (6) TMI 603X X X X Extracts X X X X X X X X Extracts X X X X ..... additions/disallowances, it is an admitted fact that the Assessing Officer proposed for initiating penalty proceedings u/s 271(1)(c). Thus, it is a clear cut case that on perusal of the assessment order, the AO has not recorded any satisfaction recorded regarding penalty proceedings u/s 271D. In the present case in hand, the AO has not at all recorded his satisfaction that the assessee has contravened the provisions of section 269SS warranting levy of penalty u/s 271D whereas, against various additions including disallowance under section 40(a)(ia), the Assessing Officer proposed for initiating penalty proceedings u/s 271(1)(c), which is an identical provisions, where the income escaped assessment or furnishing of inaccurate particulars ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ification of the books of accounts, documents and information filed, the assessment was completed under section 143(3) of the Act on 03.03.2016 by assessing total income at ₹.28.28.870/- after making following additions: Loss on sale of Motor Cycle : ₹.3,040/- Disallowance u/s.40(a)(ia) : ₹.5,08,800/- Staff Welfare : ₹.65,020/- Sundry Expenses : ₹.82,830/- Thereafter, the Assessing Officer initiated penalty proceedings under section 271D o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct by assessing total income at ₹.28.28.870/- after making various additions. Moreover, while framing the assessment order, the Assessing Officer has not given any findings/observations that the assessee has contravened the provisions of section 269SS of the Act. Against the additions/disallowances, it is an admitted fact that the Assessing Officer proposed for initiating penalty proceedings under section 271(1)(c) of the Act. Thus, it is a clear cut case that on perusal of the assessment order, the Assessing Officer has not recorded any satisfaction recorded regarding penalty proceedings under section 271D of the Act. 6. On perusal of the appellate order, we find that by reproducing the head-notes and held-portion, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upra): As pointed out above, in so far as, the fresh assessment order is concerned, there was no satisfaction recorded regarding the penalty proceeding under section 271E of the Act though in that order the Assessing Officer wanted penalty proceeding to be initiated under section 271(1)(c) of the Act. Thus, in so far as penalty under section 271E is concerned, it was without any satisfaction and therefore, no such penalty could be levied. Thus, in view of the above facts and circumstances, we are of the considered opinion that the trait preposition laid down by the Hon ble Supreme Court in the case of CIT v. Jai Laxmi Rice Mills (supra) squarely applies to the case of the assessee. Respectfully following th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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