https://www.taxtmi.com/caselaws?id=286932 The ITAT affirmed the CIT(A)'s decision to delete penalties u/s 271D for assessment years 2009-10 to 2013-14. The case involved cash loan transactions discovered during a search action, with the Revenue imposing penalties based on unexplained expenditure. The CIT(A) deleted the penalties due to lack of conclusive evidence and inconsistent statements by the parties. The ITAT concurred, emphasizing the absence of substantiated proof for the transactions and the importance of clear documentation. Consequently, the Revenue's appeals were dismissed for all assessment years, underscoring the necessity of corroborative evidence in penalty imposition cases. en-us Fri, 12 Jul 2019 00:00:00 +0530 Sat, 21 Mar 2020 08:54:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286932 The ITAT affirmed the CIT(A)'s decision to delete penalties u/s 271D for assessment years 2009-10 to 2013-14. The case involved cash loan transactions discovered during a search action, with the Revenue imposing penalties based on unexplained expenditure. The CIT(A) deleted the penalties due to lack of conclusive evidence and inconsistent statements by the parties. The ITAT concurred, emphasizing the absence of substantiated proof for the transactions and the importance of clear documentation. Consequently, the Revenue's appeals were dismissed for all assessment years, underscoring the necessity of corroborative evidence in penalty imposition cases. Case-Laws Income Tax Fri, 12 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286932