https://www.taxtmi.com/caselaws?id=772294 ITAT Pune allowed revenue's appeal against CIT(A)'s deletion of penalty u/s 271D for cash loan violations. During search proceedings, incriminating documents were seized from a third party's premises showing cash loans provided to assessee firm. The third party confirmed in recorded statement that cash loans were given to assessee's partner. Despite cross-examination opportunity, assessee failed to rebut evidence linking them to cash transactions violating section 269SS provisions. ITAT held that seized documents combined with third party's statement constituted sufficient evidence, rejecting CIT(A)'s finding of insufficient proof. Penalty was restored. en-us Wed, 04 Jun 2025 00:00:00 +0530 Thu, 05 Jun 2025 12:07:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772294 ITAT Pune allowed revenue's appeal against CIT(A)'s deletion of penalty u/s 271D for cash loan violations. During search proceedings, incriminating documents were seized from a third party's premises showing cash loans provided to assessee firm. The third party confirmed in recorded statement that cash loans were given to assessee's partner. Despite cross-examination opportunity, assessee failed to rebut evidence linking them to cash transactions violating section 269SS provisions. ITAT held that seized documents combined with third party's statement constituted sufficient evidence, rejecting CIT(A)'s finding of insufficient proof. Penalty was restored. Case-Laws Income Tax Wed, 04 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772294