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2019 (9) TMI 342 - ITAT MUMBAILevy of penalty u/s.271D - receipt of cash loans for violation of provisions of section 269SS - loose sheet seized from the premises of Shri Samir Shah during his search action u/s.132 apparently indicates loan transactions of the assessee - HELD THAT:- Findings given by the CIT(A) in the appellate order passed for Shri Samir Shah that the disputed loans were not received in cash and rather they were received through normal banking channels. Hence, this fact is also accepted by the AO of Shri Samir Shah in his remand report. Hence, it goes to prove beyond doubt that there is no receipt of any cash loan by the assessee from Shri Samir Shah in violation of provisions of Section 269SS of the Act. Accordingly, the penalty u/s.271D of the Act levied in the hands of the assessee deserves to be deleted Accordingly, we direct the ld. AO to delete the penalty levied u/s.271D - Decided in favour of assessee.
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