https://www.taxtmi.com/caselaws?id=757531 ITAT Ahmedabad allowed the assessee's appeals and deleted penalties under sections 271D and 271E. Revenue failed to provide concrete evidence of violations under sections 269SS and 269T regarding cash loan acceptance and repayment. The only evidence was a statement from Sudama Resorts' Director claiming cheques were obtained from financiers for cash loans, but this lacked evidentiary value as cross-examination was denied. The Director had already surrendered income for the same cheques. Revenue's findings were based on surmises and conjectures rather than authentic evidence, making penalty imposition unjustified. en-us Fri, 23 Aug 2024 00:00:00 +0530 Wed, 28 Aug 2024 09:06:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757531 ITAT Ahmedabad allowed the assessee's appeals and deleted penalties under sections 271D and 271E. Revenue failed to provide concrete evidence of violations under sections 269SS and 269T regarding cash loan acceptance and repayment. The only evidence was a statement from Sudama Resorts' Director claiming cheques were obtained from financiers for cash loans, but this lacked evidentiary value as cross-examination was denied. The Director had already surrendered income for the same cheques. Revenue's findings were based on surmises and conjectures rather than authentic evidence, making penalty imposition unjustified. Case-Laws Income Tax Fri, 23 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757531