Section 271D penalty cannot be imposed for business transactions in cash

IN THE ITAT DELHI BENCH ‘B’ Deputy Commissioner of Income-tax, Circle 11(1) v/s. Forging Ltd. IT Appeal Nos. 5689 & 5690 (Delhi) of 2010 [Assessment year 2006-07] March, 16, 2012 ORDER K.G. Bansal Accountant Member – These two appeals regarding leviability of penalty u/s 271D and 271E of the Income-tax Act, 1961 were argued in a consolidated manner by the ld. senior DR and the ld. counsel for the assessee. Therefore, a consolidated order is passed. 1.1 The only substantive ground taken in appeal no. 5689(Del)/2010 is to the effect that the ld. CIT(Appeal...