Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (1) TMI 235 - AT - Income TaxPenalty u/s.271D - default u/s 269SS - assessee firm received loan in cash from one of its partner and repayment and interest of such loan was made in subsequent year - HELD THAT:- No penalty under section 271D of the Act can be imposed on assessee firm in respect of transaction inter-se between the assessee and its partners for violation of section 269SS of the Act. The submission of ld.AR finds support from the decision in CIT vs. Lokpat Film Exchange [2007 (1) TMI 165 - RAJASTHAN HIGH COURT] AND V. SIVA KUMAR [2013 (3) TMI 265 - MADRAS HIGH COURT] - Decided against revenue.
|