https://www.taxtmi.com/caselaws?id=445225 The Appellate Tribunal vacated the penalty of Rs. 1,60,000 imposed under section 271D of the Income-tax Act for allegedly receiving a cash loan in violation of Section 269SS. The Tribunal set aside the Commissioner of Income Tax (Appeals) decision, noting that the Assessing Officer's rejection of the assessee's explanation regarding the investment source negated the justification for the penalty. The Tribunal underscored the necessity for consistency in income assessment and penalty imposition, emphasizing adherence to legal provisions. The assessee's appeal was allowed, highlighting the importance of reasoned conclusions in such cases. en-us Wed, 02 Aug 2023 00:00:00 +0530 Sat, 04 Nov 2023 09:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445225 The Appellate Tribunal vacated the penalty of Rs. 1,60,000 imposed under section 271D of the Income-tax Act for allegedly receiving a cash loan in violation of Section 269SS. The Tribunal set aside the Commissioner of Income Tax (Appeals) decision, noting that the Assessing Officer's rejection of the assessee's explanation regarding the investment source negated the justification for the penalty. The Tribunal underscored the necessity for consistency in income assessment and penalty imposition, emphasizing adherence to legal provisions. The assessee's appeal was allowed, highlighting the importance of reasoned conclusions in such cases. Case-Laws Income Tax Wed, 02 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445225