The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that no penalty under section 271D of the Income Tax Act can be levied for cash transactions above the permitted limit if such payment was made due to the insistence of the lenders. Assessing Officer during the course of assessment proceedings, noted that […]
The post No Penalty for Cash Payment made out of Money from Unorganized Finance Sector due to Insistence of Lenders: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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