Dismissing the appeal of the revenue, the Court held that there is no reference in the assessment order about the initiation of penalty under section 271D of the Income-tax Act, 1961, and no satisfaction has been recorded by the Assessing Officer before initiating penalty; no penalty under section 271D could be levied. (AY. 1-4-1995 to 19-12-2001 (BP)
PCIT v. Parivar Television Pvt. Ltd. (2025) 483 ITR 391/ 180 taxmann.com 109 ((Guj)(HC) Editorial : SLP dismissed, PCIT v. Parivar Television Pvt. Ltd ([2025] 481 ITR 14/2026) 308 Taxman 186 (SC)
S.271D: Penalty-Takes or accepts any loan or deposit-Acceptance of loan in cash in excess of specified limit-No satisfaction recorded-Order of Tribunal deleting the penalty is affirmed. [S.260A, 269SS]
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