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ITAT Jaipur quashes Section 271D penalty as funds received were advances, not loans
Case Law Details
- Case Name
- Sh. Balbir Singh Vs ACIT (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Jaipur
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Sh. Balbir Singh Vs ACIT (ITAT Jaipur)
Income Tax Appellate Tribunal (ITAT) Jaipur has quashed a penalty levied under Section 271D of the Income Tax Act against Balbir Singh, ruling that the funds he received were advances against a property sale, not loans. This decision follows a second round of litigation, where the ITAT revisited the case to verify the ownership of the property in question. The initial dispute centered on Rs. 1 crore received by Singh from Smt. Maya Devi, which the Assessing Officer (AO) had deemed a loan, triggering the penalty for non-compliance with Sec...
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