No Concrete Evidence on Record for Cash Transaction Limit Violation: ITAT directs AO to delete Income Tax

The Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to delete penalties imposed for violating cash transaction limits under the Income Tax Act, citing a lack of concrete evidence on record. The tribunal held that the penalties were unjustified without clear proof of the violation, emphasizing the need for strong evidence before imposing penalties. This decision could impact future cases involving cash transaction limits.