The Assessing Officer levied penalty under section 271D alleging that the assessee had accepted cash in violation of section 269SS. The Tribunal held that, once the quantum addition itself had been deleted and the impugned receipt did not constitute a loan or deposit within the meaning of section 269SS, no penalty under section 271D could survive. (AY. 2011-12).
Subhash Chander Gupta v. ITO (2025) 124 ITR 247 (Chd.)(Trib.)
S.271D: Penalty-Takes or accepts any loan or deposit –Alleged cash receipt neither loan nor deposit-Quantum addition deleted-Penalty not leviable.[S. 269SS]
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