Imposition of penalty u/s 271E and 271D of the Income Tax Act

Last updated: 02 October 2021
Quick Summary
This judgement concerns penalties imposed under Sections 271E and 271D of the Income Tax Act for violating Section 269T, which governs the repayment of loans and deposits in cash. The Assessing Officer initiated penalty proceedings against the assessee for repaying cash loans during assessment years 2009-10 to 2011-12. Significant penalties were imposed. However, the Income Tax Appellate Tribunal allowed the assessee's appeals, finding that the penalty orders were time-barred as they were not passed within the stipulated six-month period following the completion of assessments.

Court :
ITAT Bangalore

Brief :
The first set of 3 appeals relates to appeals arise out of imposition of penalty u/s.271E of the Act in relation to AY 2009-10 to 2011-12, while the second set of 3 appeals arise out of imposition of penalty u/s.271-D of the Act in relation to AY 2009-10 to 2011-12.

Citation :
ITA Nos.2631, 2633 to 2637/Bang/2018

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