https://www.taxtmi.com/highlights?id=55691 Levy of penalty u/s 271D - assessee had received the amounts in cash as loan from HUF - there cannot be any better reason for receipt of cash deposits than the death of Karta or Managing Director of the company. It is also not disputed that all the cash receipts were duly accounted in the books of the assesse as well as the HUF. There were no unaccounted transactions. - No penalty - AT en-us Mon, 30 Nov 2020 11:06:43 +0530 Mon, 30 Nov 2020 11:06:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=55691 Levy of penalty u/s 271D - assessee had received the amounts in cash as loan from HUF - there cannot be any better reason for receipt of cash deposits than the death of Karta or Managing Director of the company. It is also not disputed that all the cash receipts were duly accounted in the books of the assesse as well as the HUF. There were no unaccounted transactions. - No penalty - AT Highlights Income Tax Mon, 30 Nov 2020 11:06:43 +0530 https://www.taxtmi.com/highlights?id=55691