Lapse of Six Months on Penalty proceedings violation of Cash Transactions u/s 269SS: Delhi HC quashes Penalty [Read Order]

Penalty- penalty proceedings - Cash Transaction - violation of cash transactions - Delhi HC - penalty - taxscan

The Delhi High Court quashed penalty under Section 271D of the Income Tax Act, 1961 on the ground that there was lapse of six months on penalty proceedings on violation of cash transactions under Section 269SS of the Income Tax Act. The Respondent- Assessee, Rupa Promoters Pvt Ltd is engaged in the business of carrying…

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