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2011 (8) TMI 616 - BOMBAY HIGH COURTSearch - Undisclosed Income - Journal Entries passed in assessee books of account - Penalty u/s 271D - held that:- Tribunal deleted the penalty by recording a finding of fact in para. 13 of its order to the effect that the assessee has neither received any amount by way of loan nor received any deposit and it is the director of the company who had utilized his undisclosed income for and on behalf of the assessee. The Income-tax Appellate Tribunal has recorded a finding of fact that the director had explained the source of his undisclosed income and the said explanation has been accepted by the Department. Thus, in the present case, there was no question of receiving any amount by the assessee as a loan or deposit from the director of the assessee. In these circumstances, deletion of penalty imposed under section 271D of the Income-tax Act, 1961, cannot be faulted.
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