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2018 (5) TMI 1731 - HC - Income TaxPenalty u/s 271E and 271D - loans and repayments had not been accounted for in the regular books of accounts - no business exigency or urgency established for accepting and repaying loans only in cash - books of accounts and supporting documents were impounded u/s 133A(3) - Held that:- There is no justifiable reasonable cause for repayment of loans in cash exceeding 20000/- and thus it is a clear violation of law for many years - assessee has not produced books of accounts to vouch for entering such details - hence there was no such reason for regular loan transactions so as to escape penal liability u/s 271E and 271D - ground raised by the Revenue stands allowed - Decided against the assessee.
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