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2023 (9) TMI 440 - ITAT AHMEDABADPenalty levied u/s 271D - contravention of Section 269SS - assessee did not substantiated the loan from the balance that the said loan was not in cash - HELD THAT:- As there was no regular assessment done in assessee’s case as the assessee is an agriculturist. Further, AO as well as the CIT(A) has not doubted the bank statement of the assessee wherein the amount which was transferred from The Berna Gamni Seva Sahkari Mandali Ltd. was shown - The transactions as well as the ledger alongwith the certificate issued by The Berna Gamni Seva Sahkari Mandali Ltd. was not doubted by the revenue authorities. Thus, the loan was accepted through banking channel and there was no cash involved in the present transactions. Therefore, Section 269SS does not attract. Thus, the penalty levied under Section 271D does not sustain. Appeal of assessee allowed.
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