ITAT Deletes Section 271DA Penalty: Bonafide Mistake in New Legislation

All Fresh Supply Management Pvt. Ltd. Vs ACIT (ITAT Delhi) In the case of All Fresh Supply Management Pvt. Ltd. versus Assistant Commissioner of Income Tax (ITAT Delhi), the Income Tax Appellate Tribunal (ITAT) Delhi ruled in favor of the appellant, deleting the penalty imposed under section 271DA of the Income Tax Act, 1961. All Fresh Supply Management Pvt. Ltd., engaged in the trading of fruits and dealing with small farmers as well as retailers, voluntarily reported cash transactions exceeding Rs. 2 lakhs in Form 61A for the financial year 2017-18. The transactions involved cash receipts fr...