https://www.taxtmi.com/caselaws?id=766755 ITAT Delhi held that penalty under Section 271DA was not imposable where assessee received cash exceeding Rs. 2 lakhs from farmers for tractor sales. The tribunal found assessee had bona fide belief that Section 269ST permitted cash acceptance up to Rs. 2 lakhs per single transaction, distinguishing it from other provisions using "aggregate." Assessee maintained proper records including farmer details, Aadhar, land records, and Form 60. No allegation of unaccounted income or tax evasion intent existed. Penalty being quasi-criminal cannot be imposed for technical breach. AO directed to delete penalty. Appeal decided in favor of assessee. en-us Fri, 21 Feb 2025 00:00:00 +0530 Tue, 04 Mar 2025 07:12:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766755 ITAT Delhi held that penalty under Section 271DA was not imposable where assessee received cash exceeding Rs. 2 lakhs from farmers for tractor sales. The tribunal found assessee had bona fide belief that Section 269ST permitted cash acceptance up to Rs. 2 lakhs per single transaction, distinguishing it from other provisions using "aggregate." Assessee maintained proper records including farmer details, Aadhar, land records, and Form 60. No allegation of unaccounted income or tax evasion intent existed. Penalty being quasi-criminal cannot be imposed for technical breach. AO directed to delete penalty. Appeal decided in favor of assessee. Case-Laws Income Tax Fri, 21 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766755