ITAT Cuttack Quashes Penalty u/s 271D on Wrong AY Basis

Jogendra Kumar Panda Vs ITO (ITAT Cuttack) The Income Tax Appellate Tribunal (ITAT), Cuttack Bench, has allowed an appeal filed by Jogendra Kumar Panda, quashing a penalty of ₹39,20,000/- levied under Section 271D of the Income-tax Act, 1961. The penalty, imposed for alleged violation of Section 269SS concerning cash transactions, was set aside due to being initiated for an incorrect assessment year. The assessee had sold immovable property for ₹39,20,000/- via a sale deed dated March 23, 2016, with the consideration received in cash. This transaction was relevant to Assessment Year (A.Y.)...