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The case pertains to penalty proceedings u/s 271D for violating Section 269SS and Section 271E of the Income Tax Act. The assessee received Rs. 18 lakh from a trustee and security deposits from employees, utilized for construction activities. The Assessing Officer, JCIT, and CIT(A) levied penalties despite the assessee providing notarized affidavits and documents proving the genuineness of transactions. The ITAT held that penalties cannot be levied mechanically without establishing unaccounted money or false entries. Regarding Section 271E penalty for repaying deposits in cash, the ITAT observed that not all deposits were repaid in cash, and cash payments were made due to employees' insistence and to avoid hardship. The assessee provided ledger accounts and affidavits supporting the transactions' genuineness. The ITAT ruled that penalties u/ss 271D and 271E were not warranted as the assessee substantiated the transactions' validity, and no unaccounted money or false entries were established.
The case pertains to penalty proceedings u/s 271D for violating Section 269SS and Section 271E of the Income Tax Act. The assessee received Rs. 18 lakh from a trustee and security deposits from employees, utilized for construction activities. The Assessing Officer, JCIT, and CIT(A) levied penalties despite the assessee providing notarized affidavits and documents proving the genuineness of transactions. The ITAT held that penalties cannot be levied mechanically without establishing unaccounted money or false entries. Regarding Section 271E penalty for repaying deposits in cash, the ITAT observed that not all deposits were repaid in cash, and cash payments were made due to employees' insistence and to avoid hardship. The assessee provided ledger accounts and affidavits supporting the transactions' genuineness. The ITAT ruled that penalties u/ss 271D and 271E were not warranted as the assessee substantiated the transactions' validity, and no unaccounted money or false entries were established.
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