Section 269St not applies if assessee not received cash of more than Rs. 2 lakh in a day from one party

Balaji Auto Enterprises Mysore Pvt. Ltd. Vs ACIT (ITAT Bangalore) ITAT observe from the order of the AO that the assessee has received cash more than 2.00/- Lakh from the four parties on different dates. As per the opinion of the AO the assessee has violated the provision of section 269ST, therefore, he imposed the penalty u/s 271DA of the Act. On going through the copy of the ledger, it has been observed that the assessee has not received cash more than Rs. 2.00/- Lakh in a day from one party. After going through section 269ST, it is clear that the assessee’s case does not fall under this s...