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2003 (7) TMI 647 - ITAT MUMBAI
Extract:
....... for accepting the cash loans. As such, the assessee may be exonerated from the rigour of section 271D of the Act. In my opinion, the learned Accountant Member was correct in deleting the penalty. As such, I concur with his order. The matter will now go before the regular Bench for deciding the appeal in accordance with the opinion of the majority.