|Penalty under section 271D not leviable where cash accepted to meet exigencies of business
Property transactions also added in section 269SS & 269T. Obviously, 271D importance would be rising day by day:
Commissioner of Income Tax v. Shreenathji Corpn.
Penalty under section 271D not leviable where cash accepted to meet exigencies of business
Where assessee was carrying on business of construction of building and had proved that loans/deposits taken in excess of Rs. 20,000 in cash were to meet urgent and immediate requirement of business, penalty levied under section 271D in respect of violation of provisions of section 269SS could not sustain and Tribunal had rightly cancelled such penalty. - (2015) 64(I) ITCL (Guj-HC) 349