No penalty u/s. 271D in absence of violation of section 269SS

DCIT Vs Tapadiya Construction Ltd. (ITAT Pune) ITAT Pune held that sum has been received for work relating to interior and other finishing work and total consideration is received through banking channel. Hence, there is no violation of section 269SS of the Income Tax Act. Hence, penalty u/s. 271D not leviable. Accordingly, appeal of revenue dismissed. Facts- The assessee is a limited company, engaged in the business of construction and property development since last many years. Based on the assessee’s statement that an additional amount of Rs. 1,37,73,000/- was received, AO observed that t...