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2019 (6) TMI 704 - AT - Income TaxPenalty u/s.271E - violation of provision of section 269T - HELD THAT:- There is the violation of section 269TT in repaying the loan of ₹ 1 lakh, otherwise than account payee cheque and account payee draft and accordingly the assessee company is liable to pay penalty u/s 271E . We note that during the course of hearing, the ld. Counsel explained the Bench that the cash amount of ₹ 1 lakh by mistake has been deposited in the bank account of Shri Raju Bharat, Managing Director of the company. The assessee has not explained the reason why the said amount of ₹ 1 lakh has been deposited in the bank account of Shri Raju Bharat what is the urgency or immediate need for the company’s business to deposit the same amount in the bank account of the shareholder. Since the assessee has not explained the reasonable cause as per section 273B, which talks about penalty not to be imposed in certain cases we confirm the penalty imposed by the Assessing Officer. - Decided against assessee.
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