Criteria for levy of penalty u/s 271D of the Income Tax Act

Last updated: 23 November 2021
Quick Summary
This judgement clarifies the conditions under which a penalty can be levied under Section 271D of the Income Tax Act for accepting cash loans. The Income Tax Appellate Tribunal ruled that while accepting cash in contravention of Section 269SS can attract penalties, a reasonable explanation for such transactions is crucial. In this specific case, the Tribunal found the assessee's explanation for receiving cash from her husband for purchasing property to be justifiable, leading to the deletion of the penalty.

Court :
ITAT Jaipur

Brief :
This is an appeal filed by the assessee against the order of ld. CIT(A)-2, Jaipur dated 28.06.2019 pertaining to A.Y 2009-10 wherein the assessee has challenged the confirmation of levy of penalty u/s 271D of the Act.

Citation :
ITA No. 1201/JP/2019

Daily Limit Reached

You have reached your daily limit of 2 Free Judgements

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?
  • No Ads
  • WhatsApp Broadcasts
  • Daily E-Newsletter
  • Unlimited Judgements Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits

Already a PRO member? Login here for an ad-free experience.

 
Comments


Recent Judgments :

  1. Forest Development Tax Demand, Collection and Refund Subject to Final Outcome of Pending Cases
  2. SC : Extended Limitation Cannot Be Invoked Where Department Was Aware of Valuation Facts
  3. SC : Selling Shares While in Possession of UPSI Constitutes Insider Trading Even if No Profit Is Made
  4. SC : Laser Imagers Compatible with Machines Under Different Tariff Headings Classifiable Under CTH 9033
  5. Education Consultancy Services to Foreign Universities Not Intermediary Services; Refund of IGST on Export of Services Allowed
  6. Penalty Cannot Be Confirmed Beyond What is Specified in Statutory Form GST DRC-01
  7. Non-Supply of Field Visit Report Vitiates Rejection of Revocation Application
  8. Alternative Remedy before GSTAT to be Exhausted Despite Allegation that Adjudication Travelled Beyond SCN
  9. ITAT Jodhpur: AO Allows ₹2.61 Crore Deduction under Sections 54EC and 54F; Assessee's Appeal Dismissed as Infructuous
  10. CESTAT Revokes Suspension of Customs Broker Licence for Non-Compliance with Mandatory 15-Day Hearing Requirement

View More Judgments »


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member DEEPAK MARAPUREDDYDEEPAK MARAPUREDDYPro Member Soumitra PatraSoumitra PatraPro Member DILIPDILIPPro Member Ashwini ThoratAshwini ThoratPro Member Anoop KKAnoop KK
Subscribe to Pro
Join an elite circle of professionals

Browse by Category