Cash Kept by Father Not a Loan or Deposit – ITAT Deletes ₹20 Lakh Penalty

Manjinder Singh Grewal Vs Addl/ CIT (ITAT Chandigarh) Cash Deposit by Father for Safekeeping Not a Loan or Deposit -ITAT Chandigarh Deletes ₹20 Lakh Penalty u/s 271D Assessee appealed against the order of CIT(A), NFAC, Delhi confirming penalty u/s 271D of ₹20 lakh for violation of section 269SS. AO had observed that Assessee received ₹20 lakh in cash during F.Y. 2008-09 & deposited the same in his Kotak Mahindra Bank account on 10.05.2008. Treating this as acceptance of a cash loan or deposit exceeding ₹20,000, AO levied penalty u/s 271D, which CIT(A) upheld. Assessee explained tha...