https://www.taxtmi.com/caselaws?id=753799 The ITAT Mumbai set aside the penalty imposed under section 271D regarding cash transactions. The assessee had received sale consideration in cash for transferring a property agreement, but the revenue did not dispute the genuineness of the underlying purchase and sale transactions. The tribunal found that imposing penalties under both sections 271(1)(c) and 271D for the same cash deposits was unacceptable. The tribunal directed the AO to delete the penalty, ruling in favor of the assessee and allowing the appeal. en-us Wed, 17 Jan 2024 00:00:00 +0530 Tue, 11 Jun 2024 07:56:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753799 The ITAT Mumbai set aside the penalty imposed under section 271D regarding cash transactions. The assessee had received sale consideration in cash for transferring a property agreement, but the revenue did not dispute the genuineness of the underlying purchase and sale transactions. The tribunal found that imposing penalties under both sections 271(1)(c) and 271D for the same cash deposits was unacceptable. The tribunal directed the AO to delete the penalty, ruling in favor of the assessee and allowing the appeal. Case-Laws Income Tax Wed, 17 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753799