Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (5) TMI 388 - AT - Income TaxScope of section 269SS of the Act Journal entries Penalty proceedings u/s 271D of the Act Held that:- Following Smt. C. Swapna, Hyderabad [2014 (4) TMI 71 - ITAT HYDERABAD] - The assessee challenged the penalty proceedings initiated u/s 271D of the Act on the ground of illegal borrowings in contravention of section 269SS of the Act - there is no proof of receipt of such loan from the records and they were only found to be journal entries - relying on an entry in the journal, no penalty proceedings can be initiated - the CIT(A) have followed the order of the coordinate bench and the AO is directed to verify and delete the penalty in case it is found as merely journal entries and no cash loans was taken - there is no infirmity in the order of the CIT(A) thus, the order of the CIT(A) is upheld Decided against Revenue.
|