https://www.taxtmi.com/caselaws?id=187319 The ITAT Ahmedabad allowed the appeal, canceling the penalty u/s 271D imposed on the assessee for a cash deposit exceeding the bank account limit. The explanation provided by the assessee regarding the cash deposit being due to approaching OD limit and fear of cheques being dishonored was deemed satisfactory and genuine. The ITAT held that the AO should have verified the OD limit and genuineness of the transaction before levying the penalty. en-us Wed, 07 Jul 2010 00:00:00 +0530 Tue, 18 Oct 2016 12:15:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187319 The ITAT Ahmedabad allowed the appeal, canceling the penalty u/s 271D imposed on the assessee for a cash deposit exceeding the bank account limit. The explanation provided by the assessee regarding the cash deposit being due to approaching OD limit and fear of cheques being dishonored was deemed satisfactory and genuine. The ITAT held that the AO should have verified the OD limit and genuineness of the transaction before levying the penalty. Case-Laws Income Tax Wed, 07 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187319