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HomeDirect TaxNo Proof of Cash Loan, Violation of S. 269SS Not Established: ITAT...

No Proof of Cash Loan, Violation of S. 269SS Not Established: ITAT Deletes Rs. 1 Crore Penalty

Direct Tax

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By Mariya Paliwala
No Proof of Cash Loan, Violation of S. 269SS Not Established: ITAT Deletes Rs. 1 Crore Penalty

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The Income Tax Appellate Tribunal (ITAT) Mumbai Bench, has set aside a penalty of ₹1 crore imposed under Section 271D of the Income Tax Act, holding that the alleged cash loan transaction itself was not conclusively established. The bench of Saktijit Dey, Vice President and Makarand Vasant Mahadeokar (Accountant Member) has observed that  the foundation…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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