https://www.taxtmi.com/caselaws?id=410255 The appellate tribunal partially allowed the appeal, quashing the penalty of Rs. 1,58,00,000 imposed under section 271D of the Income Tax Act, 1961. The tribunal found no direct evidence supporting the alleged cash transactions and concluded that the penalty was unjustified. The tribunal reversed the lower authorities' orders, deleting the penalty and dismissing general grounds 1 and 3. The appeal was partly allowed on 26/07/2021. en-us Mon, 26 Jul 2021 00:00:00 +0530 Wed, 28 Jul 2021 08:52:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410255 The appellate tribunal partially allowed the appeal, quashing the penalty of Rs. 1,58,00,000 imposed under section 271D of the Income Tax Act, 1961. The tribunal found no direct evidence supporting the alleged cash transactions and concluded that the penalty was unjustified. The tribunal reversed the lower authorities' orders, deleting the penalty and dismissing general grounds 1 and 3. The appeal was partly allowed on 26/07/2021. Case-Laws Income Tax Mon, 26 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410255