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2023 (10) TMI 707 - HC - Income TaxPenalty u/s 271D - notice u/s. 158 BC was issued requesting assessee to file Block return of income for the taxable income including the undisclosed income for the block period - HELD THAT:- A Block Assessment Order would indicate that there was no mention in the said order regarding initiation of penalty proceedings under Section 271D of the Act. As decided in M/S JAI LAXMI RICE MILLS [2015 (11) TMI 1453 - SUPREME COURT] when the original assessment order itself was set aside, the satisfaction recorded therein for the purpose of initiation of the penalty proceedings under Section 271E would also not survive. This according to us is the correct proposition of law stated by the High Court in the impugned order. As pointed out above, insofar as, fresh assessment order is concerned, there was no satisfaction recorded regarding penalty proceeding u/s 271E of the Act, though in that order the Assessing Officer wanted penalty proceeding to be initiated u/s 271(1)(c) of the Act. Thus, insofar as penalty under Section 271E is concerned, it was without any satisfaction and, therefore, no such penalty could be levied.
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