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Pune ITAT Deletes ₹50 Lakh Penalty U/s 271D; Third-Party Statement Alone Cannot Prove Cash Loan
Case Law Details
- Case Name
- Mitul Jagdishchandra Shah Vs ITO (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
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Mitul Jagdishchandra Shah Vs ITO (ITAT Pune)
Pune ITAT Deletes ₹50 Lakh Penalty U/s 271D; Third-Party Statement Alone Cannot Prove Cash Loan
In a significant ruling, the Pune ITAT deleted a penalty of ₹50 lakh levied under section 271D for alleged violation of section 269SS, holding that the Revenue cannot impose penalty merely on the basis of a third-party statement and loose papers without any independent corroborative evidence proving receipt of a cash loan.
The assessee was alleged to have received a cash loan of ₹50 lakh from another person based on information gath...
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