https://www.taxtmi.com/caselaws?id=403783 The Appellate Tribunal ITAT Pune allowed the appeal of the assessee, an individual and agriculturist engaged in retail, regarding the penalty imposed under section 271D of the Income Tax Act, 1961. The Tribunal found that the transaction involving acceptance of cash and repayment by cheque was an advance against the sale of land, not a loan. Emphasizing the lack of verification by the Revenue and reliance on suspicion, the Tribunal directed the Assessing Officer to delete the penalty, ruling in favor of the assessee on January 29, 2021. en-us Fri, 29 Jan 2021 00:00:00 +0530 Mon, 08 Feb 2021 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403783 The Appellate Tribunal ITAT Pune allowed the appeal of the assessee, an individual and agriculturist engaged in retail, regarding the penalty imposed under section 271D of the Income Tax Act, 1961. The Tribunal found that the transaction involving acceptance of cash and repayment by cheque was an advance against the sale of land, not a loan. Emphasizing the lack of verification by the Revenue and reliance on suspicion, the Tribunal directed the Assessing Officer to delete the penalty, ruling in favor of the assessee on January 29, 2021. Case-Laws Income Tax Fri, 29 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403783