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2023 (5) TMI 1254 - AT - Income TaxLevy of penalty u/s 271D - assessee has violated the provisions of section 269SS by accepting cash of Rs. 40.00 lakhs being his share for sale of the immovable property - Whether no satisfaction recorded by AO in the original assessment order? - HELD THAT:- Since admittedly there is no recording of satisfaction by the Assessing Officer in the body of the assessment order for initiating penalty proceedings u/s 271D of the I.T.Act, therefore, respectfully following the decision of Srinivas Reddy Reddeppagari [2022 (12) TMI 1446 - TELANGANA HIGH COURT] the penalty levied by the AO and sustained by the CIT (A) is liable to be quashed. We hold accordingly and direct the AO to cancel the penalty levied u/s 271D - Decided in favour of assessee.
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