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2016 (3) TMI 860 - AT - Income TaxPenalty proceedings u/s 271E - Company has directly repaid the loan taken from Director to Dakor Nagarik Sahakari Bank - violation of section 269T - Held that:- The assessee has demonstrated that under the compulsion the payment was directly credited in the bank account of the Director. Strictly it was not paid in cash. On due consideration of these facts in the light of case of Mahmood Associates (P) Ltd. vs. Joint Commissioner of Income-tax [2015 (4) TMI 1077 - ITAT KOLKATA] we are of the view that the assessee has demonstrated a reasonable cause for not visiting it with penalty. Therefore, we allow the appeal of the assessee and delete the penalty. - Decided in favour of assessee
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