Rejected Books Cannot Sustain Section 271DA Penalty: Hyderabad ITAT

Advertisement Vasavi Developers Vs ACIT (ITAT Hyderabad) ITAT Hyderabad Rules Revenue Cannot Have It Both Ways: Rejected Books Cannot Sustain Section 271DA Penalty The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the penalty levied under Section 271DA of the Income Tax Act, 1961, ruling that the Revenue cannot reject an assessee’s books of accounts under Section 145(3) as unreliable to estimate business profits and simultaneously rely on uncorroborated entries in those exact same books to impose a 100% penalty for cash receipt violations under Section 269ST ...