Advance Received by Assessee Constitutes a “Gift” and therefore Exempt from Penalty u/s 271D of the Income Tax Act: ITAT Dismisses Appeal [Read Order]

By Ipsita Das - On October 9, 2023 9:45 am - 2 mins read

Advance-Received-by-Assessee-Gift-Exempt-from-Penalty-Income-Tax-Act-ITAT-Dismisses-Appeal-taxscan

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that the donor has amply expressed the intention that the advances were given merely as gifts since the inception thus upheld the order of Commissioner of Income Tax (appeals) [CIT(A)] in deleting penalty under Section 271D of Income Tax Act. The assessee Dr. M.N. Kumaresan…

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