https://www.taxtmi.com/caselaws?id=432244 The Tribunal allowed the appeal, directing the deletion of the penalty imposed under section 271DA of the Income-tax Act, 1961. The penalty of Rs.2,04,000 was contested due to a cash deposit directly by a third party into the assessee's bank account at a different location. Despite the penalty being upheld by lower authorities, the Tribunal found good and sufficient reasons to delete the penalty, emphasizing the specific circumstances of the case and the proviso allowing for penalty exemption with valid reasons. The decision cautioned against using this case as a precedent for similar transactions in the future. en-us Thu, 29 Dec 2022 00:00:00 +0530 Fri, 30 Dec 2022 16:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432244 The Tribunal allowed the appeal, directing the deletion of the penalty imposed under section 271DA of the Income-tax Act, 1961. The penalty of Rs.2,04,000 was contested due to a cash deposit directly by a third party into the assessee's bank account at a different location. Despite the penalty being upheld by lower authorities, the Tribunal found good and sufficient reasons to delete the penalty, emphasizing the specific circumstances of the case and the proviso allowing for penalty exemption with valid reasons. The decision cautioned against using this case as a precedent for similar transactions in the future. Case-Laws Income Tax Thu, 29 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432244