Assessee Appeal Against Section 271D Penalty Allowed

Quick Summary

The Income Tax Appellate Tribunal allowed an appeal by Shagun Jewellers Pvt. Ltd. against a penalty of Rs. 1,58,00,000 levied under Section 271D of the Income Tax Act. The tribunal found that a previous ruling by a coordinate bench in the assessee's own case had established no cash transactions occurred. As this finding was not challenged, the tribunal quashed the penalty, reversing the orders of the lower authorities.

Court :
INCOME TAX APPELLATE TRIBUNAL DELHI BENCH

Brief :
This appeal is filed by the assessee against the order of the ld CIT(A)-8, New Delhi [ The ld CIT (A)] dated 15.01.2020 wherein, the appeal filed by the assessee against the order passed u/s 271D of the Income Tax Act, 1961 [ The Act] by the Joint Commissioner of Income Tax, Range-23, Delhi,[The ld Adjudicating Authority ] levying penalty of Rs. 1,58,00,000/- was confirmed.

Citation :
ITA No. 783/Del/2020

Daily Limit Reached