SAMRAJYAM KONDRU,KRISHNA DISTRICT vs. JCIT, RANGE-1, VIJAYAWADA

ITA 183/VIZ/2022Status: DisposedITAT Visakhapatnam16 February 2023AY 2017-18Bench: SHRI DUVVURU RL REDDY, HON’BLE (Judicial Member), SHRI S BALAKRISHNAN, HON’BLE (Accountant Member)7 pages
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What did the Tribunal hold?

The Tribunal held that the Assessing Officer did not record satisfaction for initiating penalty proceedings in the assessment order. Therefore, the penalty levied under Section 271D was not sustainable.

What were the facts?

The assessee received cash exceeding the prescribed limit for a property transaction. The Assessing Officer initiated penalty proceedings under Section 271D for violating Section 269SS. The CIT(A) dismissed the assessee's appeal.

What were the issues?

Whether penalty under Section 271D can be levied when the Assessing Officer has not recorded satisfaction for initiating penalty proceedings in the assessment order.

Which sections of the Income-tax Act were involved?

Section 271D,Section 269SS,Section 143(2),Section 142(1),Section 274,Section 139(1)

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Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

Before: SHRI DUVVURU RL REDDY, HON’BLE & SHRI S BALAKRISHNAN, HON’BLE

For Appellant: Shri Rajendra Prasad Talluri
Hearing: 05.01.2023Pronounced: 16.02.2023

Per Shri Duvvuru RL Reddy, Judicial Member :

This appeal is filed by the assessee against the order of Commissioner of Income Tax (Appeals Unit)-1, National Faceless Appeal Centre (NFAC), Delhi in DIN & Order No.ITBA/NFAC/S/250/2022- 23/1045122252(1) dated 01.09.2022 for the Assessment Year (A.Y.) 2017-18..

2 I.T.A. No.183/Viz/2022, A.Y.2017-18 Samrajyam Kondru, Krishna Dist.

2.

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The order continues below.

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