Maleckunnel Philip Varghese Vs DCIT (ITAT Cuttack) No Satisfaction, No Penalty under section 271D & 271E of Income Tax Act, 1961 – ITAT Cuttack follows SC in Jai Laxmi Rice Mills Cuttack ITAT quashed penalties levied u/s 271D & 271E on the ground that no satisfaction was recorded by the AO in the assessment order for initiating such penalty proceedings. https://taxguru.in/income-tax/itat-cuttack-quashes-271d-271e-penalties-lack-recorded-satisfaction.html