While quashing the detention order the Madurai Bench of Madras High Court ruled that if an invoice, bill of supply, delivery challan, or bill of entry and a valid e-way bill in physical or electronic form for verification are available, then no action may be initiated. It was remarked by the bench of Justice S.Srimathy that the respondent department issued the notice carried the inspection on the identical day and passed the order on the identical day. Under the mentioned provisions the respondent’s department would required to allot the time…
Tag: Exists
No Tax Penalty U/S 271D for Cash Receipts If Reasonable Cause Exists
In the matter of Laxmilal Badolla vs. NFAC (ITAT Bangalore), the issue is concerned with the levying of penalty u/s 271D of the Income Tax Act, 1961, concerning cash receipts in the course of the AY 2016-17. A Detailed summary of the judgment delivered by the ITAT Bangalore has been stated below- Backdrop: Laxmilal Badolla, an individual, had sold two properties at the time of the pertinent year and received a total of Rs. 8,39,000 in cash from the buyers. Against him, penalty proceedings under section 271D have been initiated…