271D/271E Penalty – Cash from Uncle for Studies – Delay Condoned & Penalty Appeals Restored

Priyadarshini Ulaveesh Kasetty Patel Vs ITO (ITAT Bangalore) 271D/271E Penalty – Cash from Uncle for Studies – Delay Condoned & Penalty Appeals Restored Assessee was visited with penalties u/s 271D & 271E on the ground that she had accepted ₹2,00,000 in cash during AY 2015-16 & repaid the same in cash during AY 2021-22. The AO held that the transaction contravened the mandate of Sections 269SS & 269T & imposed penalty. The explanation of Assessee was that the cash was received from her paternal uncle to meet her educational needs & initial job expenses & w...