ITAT Jaipur Quashes Section 271D Penalty as It Was Barred by Limitation

Jagdish Chandra Suwalka Vs JCIT (ITAT Jaipur) The assessee appealed against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), confirming a penalty of ₹47,50,000 imposed under Section 271D of the Income-tax Act for alleged violation of Section 269SS. The assessment for Assessment Year 2015-16 had been completed under Sections 147/143(3), and thereafter the Joint Commissioner issued a show cause notice under Section 271D alleging that the assessee had accepted cash of ₹47,50,000 from various persons for filing an application for a liquor licence t...