Penalty not invokable if barred by limitation or there is absence of mala fide intention

Brief of the Case In the present case the Hon’ble Tribunal held that penalty could not be levied if it is barred by limitation or if the intention of going against the Law is absent. Facts of the Case These are the two appeals relating to two different AYs which have been agitated by the Assessee against the common order against the confirmation of the penalty levied u/s 271D of the income Tax Act. The Assessee was the small tailor took loan in cash from her daughter in law without taking receipts. Contention of the Assessee The ld. Counsel for the assessee for the year AY 2007-08 regarding ...