Penalty u/s 271D of Income Tax Act can’t be imposed on loan transactions made through Banking Channels: ITAT [Read Order]

Penalty - Income Tax Act - imposed - loan transactions - Banking - Channels - ITAT - taxscan

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that the penalty under Section 271D of the Income Tax Act, 1961 cannot be imposed on the loan transactions made through banking channels. The assessee is an agriculturist having agricultural income in the form of salary. The Assessing Officer on receipt of information from…

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