https://www.taxtmi.com/caselaws?id=405099 The ITAT canceled the penalty imposed under section 271D of the I.T. Act for AY 2011-12, as the assessee demonstrated a reasonable cause for receiving cash amounts to help neighbors make payments to HUDA through demand drafts. The ITAT emphasized that no satisfaction regarding penalty proceedings was recorded in the assessment order, leading to the revocation of the penalty. The appeal was allowed, and the orders of the lower authorities were set aside. en-us Wed, 10 Mar 2021 00:00:00 +0530 Thu, 11 Mar 2021 09:16:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405099 The ITAT canceled the penalty imposed under section 271D of the I.T. Act for AY 2011-12, as the assessee demonstrated a reasonable cause for receiving cash amounts to help neighbors make payments to HUDA through demand drafts. The ITAT emphasized that no satisfaction regarding penalty proceedings was recorded in the assessment order, leading to the revocation of the penalty. The appeal was allowed, and the orders of the lower authorities were set aside. Case-Laws Income Tax Wed, 10 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405099