ITAT deletes section 271DA penalty as cash deposit was by a party from remote location

Amrit Breeder Farms Pvt. Ltd. Vs ACIT (ITAT Kolkata) Ld. Counsel submitted that assessee is an operating company having significant volume of business and its sales are spread over wide range of geographical locations. With such a magnitude of business volumes, it is but natural that some debtor/buyer of its products, more particularly when it deals in breeder, birds, chicks, may deposit the sale proceeds directly into the bank account of the assessee. Against a total volume of sales of Rs.56.93 Cr., one such party has deposited an amount of Rs.2,04,000/- in the assessee’s bank account at a ...