ITAT Deletes Section 271D Penalty as AO Failed to Record Satisfaction

Advertisement ACIT Vs Bapu Reddy Jala (ITAT Hyderabad) The Revenue appealed against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2019-20, which had deleted a penalty imposed under Section 271D of the Income-tax Act. The dispute arose from the receipt of ₹75 lakh in cash by the assessee as advance sale consideration for land from the Managing Partner of Bharat Engineering Enterprises. The cash was recovered by the police during investigation of a theft and, during assessment, the Assessing Officer treated the amount as unexplained income under Section 69A read ...