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2017 (3) TMI 1906 - AT - Income TaxPenalty imposed u/s 271D - necessity of recording of satisfaction regarding initiation of penalty proceedings - HELD THAT:- As find that in the Assessment Order there is no mention about initiation of any penalty proceedings in connection with the impugned penalty. In this view of the matter and respectfully following the Hon’ble Supreme Court’s judgment in the case of CIT vs. Jai Laxmi Rice Mills [2015 (11) TMI 1453 - SUPREME COURT] wherein it is held that recording of satisfaction regarding initiation of penalty proceedings under section 271E is a condition precedent for imposing the said penalty, we delete the impugned penalty. Assessee appeal is allowed.
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