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2013 (8) TMI 1124 - AT - Income TaxAccepting loans in cash - Section 269SS - Repayment of loans through Journal Entries - Penalty u/s 271D & 271E - Concept of Reasonability - Assessee had taken 3 loans exceeding the limits specified in section 269SS - HELD THAT:- "Reasonable cause" differs from case to case. A.O. need to reconsider the matter to check whether "reasonable cause" was there for such act of assessee. Since there is no material on record to indicate the reasonable cause in respect of these loan transactions - In the converse situation, the Assessing Officer has every right to decide the fate of the assessee as per law.
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