The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty for cash transactions cannot be imposed on genuine transactions. In the instant case, the Assessing Officer initiated penalty proceedings under section 271D and section 271E of the Income Tax Act on the ground that the assessee has received loans in […]
The post Penalty won’t attract for Genuine Cash Transactions: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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