https://www.taxtmi.com/caselaws?id=428569 The ITAT dismissed the Revenue's appeal regarding the penalty under Sec. 271D, finding it inapplicable to transactions between directors and the company. It also dismissed the assessee's Cross Objection due to being infructuous. However, the ITAT partly allowed the appeals of three assessees, adjusting the estimation of agricultural income, thus granting partial relief. The Tribunal upheld the CIT(A)'s decision on unexplained credit card expenses. The delay in filing the Cross Objection was condoned due to reasonable cause. Overall, the Tribunal provided partial relief concerning agricultural income while maintaining other decisions. en-us Fri, 30 Sep 2022 00:00:00 +0530 Fri, 20 Dec 2024 11:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428569 The ITAT dismissed the Revenue's appeal regarding the penalty under Sec. 271D, finding it inapplicable to transactions between directors and the company. It also dismissed the assessee's Cross Objection due to being infructuous. However, the ITAT partly allowed the appeals of three assessees, adjusting the estimation of agricultural income, thus granting partial relief. The Tribunal upheld the CIT(A)'s decision on unexplained credit card expenses. The delay in filing the Cross Objection was condoned due to reasonable cause. Overall, the Tribunal provided partial relief concerning agricultural income while maintaining other decisions. Case-Laws Income Tax Fri, 30 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428569