Penalty u/s 271D of Income Tax Act for Exceeding Cash Transaction Limit shall not be imposed on loan taken from through Account Payee Cheques: ITAT [Read Order]

By Aparna. M - On August 12, 2023 9:00 pm - 2 mins read
Penalty - Income Tax Act - Exceeding Cash Transaction - imposed on loan taken - loan - Account Payee Cheques - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT) Ahmedabad bench held that the penalty under Section 271D of Income Tax Act for exceeding cash transactions limit should not be imposed on loans taken from through account payee cheques. It was observed that  all the amounts were received by way of account payee cheques and the amounts so received…

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