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2010 (7) TMI 818 - MADRAS HIGH COURTPenalty under sections 271D and 271E - loan transactions made in cash by the assessee with its sister concerns - Held that:- As convinced that there were enough reasons offered by the assessee to justify the cash transactions, which is made with its sister concern. The factual findings rendered by the CIT(A) to the effect that such transactions were made by the assessee with a view to save its existence and mainly incurred for the purpose of disbursement of salary to the employees cannot be disturbed in the absence of any contra material evidence placed before this court - See CIT v. Kundrathur and Chit Co. [2006 (1) TMI 79 - MADRAS HIGH COURT] - in favour of assessee.
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