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2018 (10) TMI 1928 - AT - Income TaxPenalty u/s 271D & 271E - loan was repaid by way of a journal entry - HELD THAT:- Penalty imposed u/s.271D and 271E was held to be not leviable in terms of decision of Bombay High Court in case of Triumph International Finance (I) Ltd [2012 (6) TMI 358 - BOMBAY HIGH COURT] - as observed that there was a reasonable cause for squaring all the accounts through general entries. As the facts and circumstances in the appeals before us are parimateria with the facts and circumstances discussed by the Tribunal respectfully following the order of the Tribunal in the case of group concern, we do not find any infirmity in the order of CIT(A) for deleting the penalty imposed u/s.271D and 271E - Decided against revenue.
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