Section 269ST Penalty Deleted as Seized Excel Sheets Did Not Prove Single Cash Transaction Above ₹2 Lakh

MSN Laboratories (P) Ltd Vs Additional CIT (ITAT Hyderabad) The appeals before the Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, concerned Assessment Years 2018-19 to 2021-22 and involved levy of penalty under Section 271DA for alleged violation of Section 269ST of the Income-tax Act. A search and seizure action under Section 132 was conducted in the assessee group on 24 February 2021. During the search, the department found that used solvents in the form of effluents, recovered waste, spent solvents, and scrap were sold in the unorganized sector, mostly in cash. Details of unaccounte...