Penalty not leviable as violation of section 269SS and 269T not justified without clear finding: ITAT Ahmedabad

Atul N. Shah Vs JCIT (ITAT Ahmedabad) ITAT Ahmedabad held that imposition of penalty u/s. 269D and 269E of the Income Tax Act without clear finding along with authentic evidence that provisions of section 269SS and 269T are violated is unsustainable. Facts- Assessee has preferred the present appeal contesting against imposition of penalty of Rs. 8,25,000/- each under section 271D and 271E of the Income Tax Act. In the present case, the charge of the Revenue was that the assessee had taken loans of Rs.8,25,000/- in cash and repaid the same otherwise than by account payee cheque as required by S...