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2018 (5) TMI 1313 - AT - Income TaxPenalty levied u/s 271D - receipt of capital contribution from the partner by the assessee firm - assessee had received an amount of ₹ 12,00,000/- on various dates from its partner towards capital contribution made by the said partner in the assessee firm - violation of section 269SS - Held that:- We find that the capital contributed by the partner in the partnership firm does not tantamount to loan or deposit within the meaning of section 269SS of the Act and accordingly we do not find any infirmity in the order of the ld. CIT(A) cancelling the penalty levied thereon - Decided in favour of assessee.
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