https://www.taxtmi.com/caselaws?id=761775 ITAT Cochin held that penalties under sections 271D and 271E were not sustainable against the assessee trust. The assessee received Rs. 18 lakh from trustee via bank transfer and security deposits from employees, later returning deposits in cash upon employee departure. The AO made no additions during assessment, questioning transaction genuineness. The assessee provided notarized affidavits and supporting documents proving legitimate transactions. The tribunal found no unaccounted money or false entries, noting penalties were levied mechanically without establishing Revenue's case. Appeal allowed in assessee's favor. en-us Mon, 30 Sep 2024 00:00:00 +0530 Fri, 15 Nov 2024 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761775 ITAT Cochin held that penalties under sections 271D and 271E were not sustainable against the assessee trust. The assessee received Rs. 18 lakh from trustee via bank transfer and security deposits from employees, later returning deposits in cash upon employee departure. The AO made no additions during assessment, questioning transaction genuineness. The assessee provided notarized affidavits and supporting documents proving legitimate transactions. The tribunal found no unaccounted money or false entries, noting penalties were levied mechanically without establishing Revenue's case. Appeal allowed in assessee's favor. Case-Laws Income Tax Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761775