Income Tax Penalty on alleged Cash Loan based on Loose Papers: ITAT quashes Order against Deceased Assessee since Authenticity of Transaction can’t be Vouched [Read Order]

By Taxscan Team - On March 30, 2022 2:52 pm - 2 mins read
Income Tax Penalty - income tax - Penalty - Cash Loan - Loose Papers - ITAT - quashes Order - Deceased Assessee - Authenticity - Transaction - Taxscan

The Delhi bench of the ITAT has quashed a penalty order whereby the income tax authorities imposed a penalty under section 271D of the Income Tax Act, 1961 as the order was based on loose papers and since the assessee is deceased, it is impossible to verify the authenticity of the transactions. The counsel for…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹2299 + GST for 1 year

Subscribe Now

Already a member? Log in here

Topics

taxscan-loader