Section 271D Penalty: ITAT Directs AO to Verify Reasonable Cause for Cash Loan

SVT Wholesale Pvt. Ltd. Vs JCIT (ITAT Bangalore) The case of SVT Wholesale Pvt. Ltd. Vs JCIT revolves around the imposition of a penalty under Section 271D of the Income Tax Act, 1961. The appellant, SVT Wholesale Pvt. Ltd., contested the penalty upheld by the Commissioner of Income Tax (Appeals) (CIT(A)), arguing against its justification. This article provides an in-depth analysis of the case, highlighting the legal issues, contentions of the parties involved, and the decision rendered by the Income Tax Appellate Tribunal (ITAT) Bangalore. Background: SVT Wholesale Pvt. Ltd., a private limit...