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2011 (5) TMI 684 - AT - Income TaxPenalty u/s.271D of the Act - five promissory notes of Rs.5 lakh each were found during the course of search operation at the residence of Shri KKS - loan given to Shri Viren Shan and Rakesh Doshi of Rs.25 lakh for which promissory notes were obtained - promissory notes were in the name of individuals and not in the name of Growth Avenues Ltd - penalty u/s 271D can be levied against a person who takes or accepts any loan or deposit in contravention of the provisions of Section 269SS - no such violation on the part of assessee company the penalty cannot be levied against it - appeal of assessee are allowed
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