Section 271D Penalty Quashed as Six-Month Limitation Expired: Bengaluru ITAT

Kodiambadi Subrahmanya Rai Vs ACIT (ITAT Bangalore) Bengaluru ITAT Quashes Penalty U/s 271D as Time-Barred – Six-Month Limitation U/s 275(1)(c) Strictly Enforced The Bengaluru ITAT allowed the assessee’s appeals for AYs 2016-17, 2017-18, 2018-19 and 2020-21 by quashing penalties imposed under Section 271D of the Income-tax Act, 1961 as barred by limitation under Section 275(1)(c). The penalties arose from alleged violation of Section 269SS based on statements recorded under Section 132(4) during scrutiny proceedings in the case of another person, leading to notices issued under Section 274...