ITAT Chandigarh Quashes 271D/271E Penalties on Cash Loans Between Agriculturists

Amit Singh Vs ACIT (ITAT Chandigarh) ITAT Chandigarh: Cash Loans Between Agriculturists with No Taxable Income—Penalties u/s 271D ; 271E Quashed The Income Tax Appellate Tribunal allowed the assessee’s appeals for AY 2010-11 and cancelled penalties levied under sections 271D and 271E for acceptance and repayment of loans in cash. The Tribunal noted that although the assessee had accepted and repaid loans in cash from relatives and family friends, both the assessee and the lenders were agriculturists, and neither had income chargeable to tax under the Act. The assessee’s agricultural inco...