https://www.taxtmi.com/caselaws?id=779775 ITAT Nagpur (AT) held that penalty under s.271D for accepting cash above Rs.20,000 under s.269SS was not sustainable. The cash payment of Rs.12 lakh was made on 24/05/2016, prior to the statutory prohibition effective 01/06/2016, and there was no evidence that the transaction was not genuine. The tribunal set aside the CIT(A)'s order and quashed the penalty; the assessee's grounds were allowed. en-us Thu, 23 Jan 2025 00:00:00 +0530 Mon, 13 Oct 2025 08:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779775 ITAT Nagpur (AT) held that penalty under s.271D for accepting cash above Rs.20,000 under s.269SS was not sustainable. The cash payment of Rs.12 lakh was made on 24/05/2016, prior to the statutory prohibition effective 01/06/2016, and there was no evidence that the transaction was not genuine. The tribunal set aside the CIT(A)'s order and quashed the penalty; the assessee's grounds were allowed. Case-Laws Income Tax Thu, 23 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779775