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2006 (12) TMI 126 - HC - Income Tax
Penalty imposed u/s 271D for giving loan in cash exceeding the prescribed limit – violation of section 269SS - transactions were found genuine – there was business exigency forcing the assessee to take cash loan – creditors were found genuine persons – there was no revenue loss to the exchequer – test of business exigency satisfied – for the above reasons, deletion of penalty by tribunal is justified