https://www.taxtmi.com/caselaws?id=464621 ITAT CUTTACK - AT allowed the appeal and deleted the penalty levied under s. 271DA for contravention of s. 269ST, holding the assessee had a "good and sufficient reason" for accepting Rs. 5 lakh in cash. The Tribunal accepted that the cash was taken for safe custody at the buyer's insistence and was deposited in the bank the next day, evidencing no intent to evade the statute; reliance was placed on the proviso to s. 271DA and similar precedent, leading to penalty deletion. en-us Wed, 10 Jul 2024 00:00:00 +0530 Thu, 06 Nov 2025 19:04:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464621 ITAT CUTTACK - AT allowed the appeal and deleted the penalty levied under s. 271DA for contravention of s. 269ST, holding the assessee had a "good and sufficient reason" for accepting Rs. 5 lakh in cash. The Tribunal accepted that the cash was taken for safe custody at the buyer's insistence and was deposited in the bank the next day, evidencing no intent to evade the statute; reliance was placed on the proviso to s. 271DA and similar precedent, leading to penalty deletion. Case-Laws Income Tax Wed, 10 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464621