Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (11) TMI 536 - ITAT, KOLKATAAcceptance of loan in cash - Penalty u/s 271D - Contravention of the provisions of section 269SS - Since, the Assessing Officer imposed penalty of Rs. 7,00,000 on the assessee u/s 271D of the Act on the ground that the assessee had contravened the provisions of section 269SS of the Income-tax Act by accepting cash loans exceeding Rs. 20,000 - The assessee explained that these cash loans were taken to make the payment to the employees to avoid agitation of the employees and to maintain good relations with the employees - The assessee took the said cash loan due to shortage of funds and to meet the emergency needs under bona fide belief that those transactions would not attract any penal provision - Held that:- in the absence of any contrary material brought on record by the Revenue at the time of hearing and as per the hon'ble Gujarat High Court in the case of CIT v. Bombay Conductors and Electricals Ltd.[2008 -TMI - 4518 - GUJARAT HIGH COURT], decided in favour of assessee.
|