Penalty u/s 271 D - default u/s 269SS - Assessee had accepted ...
Income Tax
July 6, 2022
Penalty u/s 271 D - default u/s 269SS - Assessee had accepted the loans in cash - as pe assessee both the entities from whom the cash loan was taken were partnership firms in which the Directors of the Assessee had controlling stake and other partners of the firms were family members and relatives of the Directors of the Assessee-Company - genuineness of the loan transactions were not in doubt - No penalty - HC
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