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2013 (10) TMI 983 - HC - Income TaxPenalty ou/s 271D - The appellant-company could not disburse the bonus due on Diwali to its workers and promised to make the payment of bonus in the first week of March, 1991. - Acceptance of cash loan in violation of section 269SS of the Income-tax Act, 1961. - Held that:- The question arises as to why the assessee issued cheques on November 16, 1990,. and November 17, 1990 to the Excise Department, when the assessee did not have sufficient balance in its bank account. Even if it was so then why it waited till December 5, 1990, and not arranged the amount immediately after the issue of the cheques. Had the assessee done so then it could have done it by taking this amount of Rs. 92,000 from the promoters of the company, through account payee cheques or draft which could have enabled the assessee to genuinely avoid penal action of the Excise Department, as well as penalty of the Income-tax Department, which had now to suffer on account of violation of section 269SS of the Income-tax Act, 1961 – Decided against the Assessee.
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