https://www.taxtmi.com/caselaws?id=448204 ITAT Jaipur allowed the assessee's appeal for statistical purposes regarding penalty under section 271D for accepting cash loans exceeding prescribed limits under section 269SS. The tribunal found insufficient evidence to determine whether transactions were loans or accommodative transactions between assessee and employer. Matter was remanded to AO to decide afresh after providing adequate opportunity to assessee and obtaining necessary evidence regarding nature of transactions. Ground challenging penalty order validity on limitation was dismissed, with tribunal applying section 275(1)(a) provisions. en-us Tue, 19 Dec 2023 00:00:00 +0530 Fri, 12 Jan 2024 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448204 ITAT Jaipur allowed the assessee's appeal for statistical purposes regarding penalty under section 271D for accepting cash loans exceeding prescribed limits under section 269SS. The tribunal found insufficient evidence to determine whether transactions were loans or accommodative transactions between assessee and employer. Matter was remanded to AO to decide afresh after providing adequate opportunity to assessee and obtaining necessary evidence regarding nature of transactions. Ground challenging penalty order validity on limitation was dismissed, with tribunal applying section 275(1)(a) provisions. Case-Laws Income Tax Tue, 19 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448204