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

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