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2017 (1) TMI 1522 - ITAT KOLKATAPenalty u/s 271D - receipt of cash loans - reasonable cause for accepting the loans in cash - assessee contended cash loans in question were not accepted by him at one go but over a period of time in small amounts and he was facing shortage of capital and had to accept the cash loans in compelling circumstances - Held that:- Keeping in view the time gap between the relevant cash deposits and corresponding payments made by cheques, it appears that there was sufficient time available with the assessee to obtain the loans in question by cheques instead of cash. In our opinion, the assessee thus has failed to establish on evidence that the loans in question in cash were accepted by him in cash due to business exigencies and there were compelling circumstances to accept the said loans in contravention of section 269SS. Assessee is found to have failed to establish any reasonable cause on evidence for accepting the loans in question in cash in violation of section 269SS. - Decided against assessee.
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