Yashbiz Marketing Pvt. Ltd. vs. ITO

Parties Involved

Facts Summary

The assessee, Yashbiz Marketing Private Limited, has contested the confirmation of penalty of Rs.1,03,98,009/- levied by the Assessing Officer under section 271DA of the Income Tax Act, 1961 for accepting cash exceeding the prescribed limit of Rs.2,00,000/- in a day from customers, in contravention of the provisions of section 269ST of the Act. The assessee submitted that it had instructed its customers to make payments through banking channels and that no physical cash was received by the assessee. Some customers had deposited cash directly into the assessee’s bank account despite specific instructions. The assessee argued that there was no intentional violation of section 269ST of the Act and requested that the penalty be deleted.…

Legal Issues

• 1. Whether the penalty imposed by the Assessing Officer under section 271DA of the Act is sustainable.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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