Judgement

ITAT held that a penalty under Section 271D cannot be sustained without the Assessing Officer's recorded satisfaction during assessment proceedings and also found the proceedings to be time-barred.

ITAT: Section 271D Penalty Cannot Survive Without AO's Recorded Satisfaction

ITAT Holds Cash Loan Cannot Be Added as Taxable Income Once Revenue Treats it as Loan 

Hyderabad ITAT quashes Section 271D penalty, holding limitation starts from the Assessing Officer’s reference for penalty proceedings.

ITAT Quashes Rs 2 Crore Penalty as Time-Barred; Limitation Starts from AO’s Reference, Not Show-Cause Notice

Tribunal holds journal entry share purchase does not attract penalty under Section 271D.

ITAT Chennai Holds: No Penalty u/s 271D Where Share Purchase Liability Exists Only as Journal Entry

The ITAT deletes the Section 271D penalty due to the absence of an assessment stage satisfaction finding.

ITAT Ahmedabad Deletes Rs 1.01 Crore Penalty Under Section 271D for Alleged Cash Deposits

ITAT quashes the Section 271D penalty, as it was imposed by the AO instead of the Joint Commissioner, who alone had authority before April 1, 2025.

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ITAT: Section 271D Penalty Cannot Survive Without AO's Recorded Satisfaction

ITAT Holds Cash Loan Cannot Be Added as Taxable Income Once Revenue Treats it as Loan

ITAT Quashes Rs 2 Crore Penalty as Time-Barred; Limitation Starts from AO’s Reference, Not Show-Cause Notice

ITAT Chennai Holds: No Penalty u/s 271D Where Share Purchase Liability Exists Only as Journal Entry

ITAT Ahmedabad Deletes Rs 1.01 Crore Penalty Under Section 271D for Alleged Cash Deposits

When Law Specifies Authority, Others Cannot Act: ITAT Cancels 271D Penalty