Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
ITAT allowed the assessee's appeal and deleted penalty imposed u/s 271D for alleged violation of s. 269SS. The Tribunal found the impugned cash receipt formed part of the genuine sale consideration for land, was duly recorded in the books, immediately deposited in the bank, and fully disclosed to the tax authorities. There was no finding in the assessment or penalty orders that the transaction was not bona fide or that it was structured to evade tax. Holding that the cash was accepted under compulsion of the buyer at the time of registration, ITAT treated these circumstances as "reasonable cause" u/s 273B and held that penalty u/s 271D was not leviable.
ITAT allowed the assessee's appeal and deleted penalty imposed u/s 271D for alleged violation of s. 269SS. The Tribunal found the impugned cash receipt formed part of the genuine sale consideration for land, was duly recorded in the books, immediately deposited in the bank, and fully disclosed to the tax authorities. There was no finding in the assessment or penalty orders that the transaction was not bona fide or that it was structured to evade tax. Holding that the cash was accepted under compulsion of the buyer at the time of registration, ITAT treated these circumstances as "reasonable cause" u/s 273B and held that penalty u/s 271D was not leviable.
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