9911796707
TMI Blog2019 (12) TMI 1569X X X X Extracts X X X X X X X X Extracts X X X X ..... recorded in the order of assessment regarding initiation of penalty proceedings under section 271D of the Act, then no penalty thereunder could be levied. As in the case in hand no satisfaction for initiation of penalty proceedings under sections 271D and 271E of the Act has been recorded in the orders of assessment. In this factual matrix of the case and respectfully following the decision of the Hon ble Apex Court in the case of Jai Laxmi Rice Mills (supra), we hold that since admittedly no satisfaction has been recorded for initiating penalty proceedings under sections 271D and 271E of the Act in the case on hand in the order of assessment for A.Y. 2000-01, therefore no penalty thereunder could be levied. In this view of the matter we ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inst the order of penalty, the assessee preferred appeal before the ld. CIT(A) wherein the ld. CIT(A) dismissed the appeal of the assessee. 5. Now, before us, the assessee filed appeal on the ground mentioned hereinabove. At the very outset, it was submitted by the ld. Authorised Representative (AR) of the assessee that order of assessment u/s.143(3) of the I.T. Act, no satisfaction was recorded before levy of penalty u/s.271D of the I.T. Act by the ld. Assessing Officer(AO) and in this respect our attention was drawn to the concluding portion of the assessment order. 6. On perusal of the same, we find that no satisfaction was recorded by the AO before initiating any penalty u/s.271D of the I.T. Act and in this respect it was held by Hon& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the orders of assessment. In this factual matrix of the case and respectfully following the decision of the Hon'ble Apex Court in the case of Jai Laxmi Rice Mills (supra), we hold that since admittedly no satisfaction has been recorded for initiating penalty proceedings under sections 271D and 271E of the Act in the case on hand in the order of assessment for A.Y. 2000-01, therefore no penalty thereunder could be levied. In this view of the matter we cancel the penalty of 1,45,000/- each levied under sections 271D and 271E of the Act for A.Y. 2000-01. Consequently the assessee's additional grounds are allowed in both the appeals. 7. Since the position in the present case is identical as no satisfaction has been recorded by the ld.AO b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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