No section 271D penalty for Cash receipt if reasonable cause exist

Laxmilal Badolla Vs NFAC (ITAT Bangalore) In the case of Laxmilal Badolla vs. NFAC (ITAT Bangalore), the issue revolved around the imposition of penalty under Section 271D of the Income Tax Act, 1961, concerning cash receipts during the assessment year 2016-17. Here’s a detailed summary of the judgment delivered by the ITAT Bangalore: Background: Laxmilal Badolla, an individual, had sold two properties during the relevant year and received a total of Rs. 8,39,000/- in cash from the buyers. The Income Tax Department initiated penalty proceedings under Section 271D against him, citing that acc...