This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
No Penalty u/s 271D for Loans via Account Payee Cheques: ITAT
Case Law Details
- Case Name
- DCIT Vs Sanjaykumar Haribhai Patel (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Ahmedabad
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
DCIT Vs Sanjaykumar Haribhai Patel (ITAT Ahmedabad)
Introduction: The Income Tax Appellate Tribunal (ITAT) in Ahmedabad recently ruled on an important matter concerning the imposition of penalty under section 271D of the Income Tax Act, 1961. The case revolved around the penalty for exceeding cash transaction limits and whether such penalty can be imposed on loans taken through Account Payee Cheques.
Analysis:
The assessee, Sanjaykumar Haribhai Patel, had taken loans from certain individuals, all of which were done via Account Payee Cheques. The Revenue initiated a penalty under section 271D...
