Revised CBDT Exceptions for Low Tax Effect Appeals Retrospectively Applicable

ACIT Vs Shri Sunil Ramnarayan Mantri (ITAT Pune) This case involves an appeal filed by the Assistant Commissioner of Income Tax (ACIT) against an order from the Commissioner of Income Tax (Appeals) [CIT(A)] for the Assessment Year (AY) 2016-17. The appeal challenged the deletion of a penalty of ₹48,64,586 levied on the assessee, Shri Sunil Ramnarayan Mantri, under Section 271E of the Income Tax Act, 1961. The penalty was imposed for an alleged contravention of Section 269T, which restricts cash repayment of loans. The assessee also filed a cross-objection, challenging the validity of the pen...