https://www.taxtmi.com/caselaws?id=375447 The Appellate Tribunal ITAT Kolkata allowed the appeal against penalties imposed under sections 271D and 271E of the Income Tax Act, 1961 for the assessment year 2005-06. The appellant's non-appearance led to an ex parte proceeding, where it was revealed that the cash transactions did not exceed the specified limit of Rs. 20,000. Relying on a decision of the Hon'ble Rajasthan High Court, it was concluded that penalties cannot be sustained if transactions remain within the prescribed limit. As the appellant had adhered to permissible loan limits, the lower authorities' imposition of penalties was deemed erroneous, resulting in the deletion of penalties and allowance of the appeals. en-us Fri, 15 Feb 2019 00:00:00 +0530 Mon, 18 Feb 2019 19:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375447 The Appellate Tribunal ITAT Kolkata allowed the appeal against penalties imposed under sections 271D and 271E of the Income Tax Act, 1961 for the assessment year 2005-06. The appellant's non-appearance led to an ex parte proceeding, where it was revealed that the cash transactions did not exceed the specified limit of Rs. 20,000. Relying on a decision of the Hon'ble Rajasthan High Court, it was concluded that penalties cannot be sustained if transactions remain within the prescribed limit. As the appellant had adhered to permissible loan limits, the lower authorities' imposition of penalties was deemed erroneous, resulting in the deletion of penalties and allowance of the appeals. Case-Laws Income Tax Fri, 15 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375447