ITAT Quashes ₹1 Cr Penalty on Cash Transactions with Sister Concern

Tarai Transport Corporation Vs JCIT (ITAT Kolkata) The Income Tax Appellate Tribunal (ITAT), Kolkata, has set aside a penalty of ₹1 crore imposed on Tarai Transport Corporation by the Joint Commissioner of Income Tax (JCIT) for alleged violations of Section 269SS of the Income Tax Act, 1961. The penalty was levied because the assessee, a partnership firm engaged in transportation, was found to have accepted cash payments exceeding ₹1 lakh on multiple occasions from Sunil Kumar Kundu during the financial year 2015-16, totaling ₹1 crore. Section 269SS mandates that loans or deposits exceed...