No Section 271D Penalty for Loans Through Banking Channels: ITAT Ahmedabad

Vijayaben Gokalbhai Zalavadia Vs JCIT (ITAT Ahmedabad) Introduction: The Income Tax Appellate Tribunal (ITAT) in Ahmedabad recently delivered a significant verdict in the case of Vijayaben Gokalbhai Zalavadia vs. JCIT (ITAT Ahmedabad). The case involved the imposition of a penalty under Section 271D of the Income Tax Act for loan transactions. In this article, we’ll explore the details of the case, the arguments presented, and the ITAT’s decision. Detailed Analysis: 1. Background of the Case: The appellant, Vijayaben Gokalbhai Zalavadia, filed an appeal against the order dated May ...