Provision of Section 269SS/269T of IT Act not applicable if AO found no Explanation Regarding Source of Cash Loans during Search Proceedings: ITAT deletes Penalty [Read Order]

IT Act not applicable - IT Act - Cash Loans - Loan - source of Cash Loans during search proceedings - ITAT deletes penalty - ITAT - penalty - taxscan

The Indore bench of Income Tax Appellate Tribunal (ITAT) has recently held that provision of section 269SS/269T Income Tax Act 1961 should not be applicable if Assessing Officer (AO) not found explanation regarding source of cash loans during search proceedings. Thus the bench deleted the penalty imposed by the AO. Assesee Ravinder Shivhare, is engaged…

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