ITAT Kolkata Remands Rs. 3.30 Cr Section 271D Penalty Case

Matri Bhumi Agritech LLP Vs ITO (ITAT Kolkata) The Income Tax Appellate Tribunal (ITAT), Kolkata partly allowed the appeal filed by Matri Bhumi Agritech LLP against the order of the Commissioner of Income Tax (Appeals)-NFAC confirming penalty of Rs. 3,30,77,252 imposed under Section 271D of the Income Tax Act for alleged violation of Section 269SS. The assessee had originally filed its return for AY 2017-18 declaring a loss, which was later assessed under Section 143(3). Subsequently, a notice under Section 274 read with Section 271D was issued alleging that the assessee accepted cash repaymen...