ITAT quashes Penalty imposed u/s 271D of Income Tax Act in Absence of Satisfaction in Assessment Order [Read Order]

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The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that a penalty can’t be imposed under Section 271D of the Income Tax Act, 1961 if there is no satisfaction in the assessment order. The Assessee, Sri Raja Reddy Nalla Warangal is an individual and derives income from business or profession and income from…

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