https://www.taxtmi.com/caselaws?id=760149 ITAT Ahmedabad allowed the assessee's appeal against penalty under Section 271D for alleged violation of Section 269SS. The assessee received physical gold rather than cash. Following precedents from ITAT Jabalpur and ITAT Bangalore, the tribunal held that penalty under Section 271D was not warranted where reasonable cause existed for non-compliance with Section 269SS provisions. The CIT(A) erred in upholding the penalty, and the same was deleted. en-us Mon, 14 Oct 2024 00:00:00 +0530 Thu, 17 Oct 2024 09:24:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760149 ITAT Ahmedabad allowed the assessee's appeal against penalty under Section 271D for alleged violation of Section 269SS. The assessee received physical gold rather than cash. Following precedents from ITAT Jabalpur and ITAT Bangalore, the tribunal held that penalty under Section 271D was not warranted where reasonable cause existed for non-compliance with Section 269SS provisions. The CIT(A) erred in upholding the penalty, and the same was deleted. Case-Laws Income Tax Mon, 14 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760149