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Section 271D5 Section 1483 Section 269S2

SHRI PRAKASH JIWANDAS WANJARI,NAGPUR vs. JOINT COMMISSIONER OF INCOME TAX, NAGPUR

In the result, we are of the considered view that the case on hand does not warrant levy of penalty under Section 271D of the Act

ITA 232/NAG/2022[2011-12]Status: DisposedITAT Nagpur25 Oct 2024AY 2011-12

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Mahavir AtalFor Respondent: Shri Abhay Y. Marathe

Section 143(3)Section 147Section 148Section 269SSection 271DSection 273ASection 80C

Properties Pvt. Ltd Vs ACIT dated 13.06.2018 which held that it is not enough for the assessee to show that the transaction of taking loan/deposit by cash is genuine or bonafied. It has also to be shown that there was reasonable cause u/s 273B for the assessee being unable to take the loan/deposit by account payee cheque or account payee