Income Tax Penalty on alleged Cash Loan based on Loose Papers: ITAT quashes Order against Deceased Assessee since Authenticity of Transaction can’t be Vouched [Read Order]

By Taxscan Team - On March 30, 2022 2:52 pm - 2 mins read

Income Tax Penalty - income tax - Penalty - Cash Loan - Loose Papers - ITAT - quashes Order - Deceased Assessee - Authenticity - Transaction - Taxscan

The Delhi bench of the ITAT has quashed a penalty order whereby the income tax authorities imposed a penalty under section 271D of the Income Tax Act, 1961 as the order was based on loose papers and since the assessee is deceased, it is impossible to verify the authenticity of the transactions. The counsel for…

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