Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (4) TMI 525 - HC - Income TaxPenalty u/s 271D - assessee accepted loans by way of cash from seven persons - Held that:- The transactions with six parties have been considered by the Commissioner of Income Tax (Appeals). But, nowhere in the order, there is any finding to the effect that raw materials supplied by those six parties were shown as cash in the books of accounts of the assessee. Therefore, we find that the Tribunal was fully justified in holding that the CIT (Appeals) erroneously held that the transactions were trade transactions. Tribunal was also fully justified in observing as to how the purchases made by the assessee resulted in acceptance of cash from suppliers. Apart from that, the Tribunal was right in reversing the finding of the Commissioner of Income Tax (Appeals) on the ground that there was no distress situation for the assessee so as to take loan, since it is their own case that they had sufficient cash during the relevant time. - Decided against assessee.
|