9911796707
TMI BlogThe ITAT upheld the CIT(A)'s order deleting the penalty levied by the AO u/s 271DA for alleged violation...The ITAT upheld the CIT(A)'s order deleting the penalty levied by the AO u/s 271DA for alleged violation of Section 269ST. The ITAT observed that the AO had aggregated different cash sales bills raised at different times by different sales executives, without establishing that the bills were raised for sales to a single person exceeding Rs. 2 lakhs in a day. The ITAT held that Section 269ST prohibits receiving cash of Rs. 2 lakhs or more from a single person in a single day, and the violation is connected with the payer's identity, which the AO failed to conclusively prove. The mere presumption of aggregate cash sales exceeding Rs. 2 lakhs was insufficient to establish a violation. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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