Topic
The ITAT Patna upheld a Rs.20.5 lakh penalty under Section 271D read with Section 269SS, holding that cash loans between spouses attract liability and familial ties do not constitute reasonable cause. The ruling impacts anyone relying on family relations to avoid cash-loan penalties under the Income Tax Act.
ITAT Kolkata rules that cash repayments of prior advances do not constitute 'deposits' under Section 269SS of the Income Tax Act, setting aside penalties imposed under Section 271D. The Tribunal emphasized the violation of natural justice principles, remanding the case for a fresh hearing with an opportunity for the assessee to present evidence.
ITAT Delhi rules that cash received at the time of property registration does not violate Section 269SS if it falls under Explanation (iv) of the Income Tax Act. The tribunal deleted the penalty under Section 271D, emphasizing the exception for transactions during property sales, offering relief to taxpayers facing similar penalties.