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2023 (12) TMI 542 - AT - Income TaxPenalty u/s 271D - acceptance of in cash in contravention to the provision of section 269SS - whether without satisfaction being recorded in the assessment order, penalty can be levied under section 271D of the Act? - HELD THAT:- This question has directly and substantially been dealt with by the Hon’ble jurisdictional High Court in the case of Srinivasa Reddy Reddeppagari [2022 (12) TMI 1446 - TELANGANA HIGH COURT] wherein as referring to the decision of Jai Laxmi Rice Mills [2015 (11) TMI 1453 - SUPREME COURT] held that the provisions under section 271E and 271D of the Act are in pari materia and since in terms of the decision in Jai Laxmi Rice Mills (supra), satisfaction must be recorded in the original assessment order for the purpose of initiation of penalty proceedings under section 271E of the Act, the same is equally applicable for initiation of penalty proceedings under section 271D of the Act. Hon’ble High Court further observed that when there is a decision of the Supreme Court, it is the bounden duty of an adjudicating authority, be in an income tax authority or any other civil authority or for that matter any court in the country, to comply with the decision of the Supreme Court - Penalty deleted - Decided in favour of assessee.
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