ITAT deletes Penalty Imposed for accepting Cash Payment for Sale of Land: No Sufficient Reasons to show Tax Evasion Attempt [Read Order]

ITAT - Penalty - Cash Payment - Sale of Land - Tax Evasion - taxscan

The Banglore Bench of the Income Tax Appellate Tribunal (ITAT), recently deleted the penalty imposed under Section 271D of the Income Tax Act, 1961 as the revenue could not show sufficient reasons to prove tax evasion attempt.  The appeal by assessee was that the Commissioner of Income Tax (Appeals) [CIT(A)] had erred in law in…

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