ITAT Mumbai Deletes ₹37 Lakh 271D Penalty: Third-Party Statements Insufficient

Kamal Dwarkadas Gadodia Vs ACIT (ITAT Mumbai)

ITAT Mumbai Deletes ₹37 Lakh Penalty u/s 271D: Third-Party Statements Alone Not Enough

The Mumbai Bench of the ITAT allowed the assessee’s appeal for AY 2010-11 and deleted the penalty of ₹37,00,000 levied under section 271D for alleged violation of section 269SS, holding that the penalty was imposed solely on the basis of third-party statements without any

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