https://www.taxtmi.com/caselaws?id=419116 The Tribunal ruled in favor of the assessee, a partnership firm, in a case involving the imposition of a penalty under Section 271D of the Income Tax Act, 1961, for alleged violations of Section 269SS. The Tribunal held that the Revenue failed to conclusively prove that the cash receipts exceeding Rs. 20,000/- were in violation of Section 269SS. Consequently, the penalty of Rs. 16,00,000/- was canceled, and the assessee's appeal was upheld. en-us Mon, 28 Feb 2022 00:00:00 +0530 Thu, 03 Mar 2022 06:50:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419116 The Tribunal ruled in favor of the assessee, a partnership firm, in a case involving the imposition of a penalty under Section 271D of the Income Tax Act, 1961, for alleged violations of Section 269SS. The Tribunal held that the Revenue failed to conclusively prove that the cash receipts exceeding Rs. 20,000/- were in violation of Section 269SS. Consequently, the penalty of Rs. 16,00,000/- was canceled, and the assessee's appeal was upheld. Case-Laws Income Tax Mon, 28 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419116