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2022 (3) TMI 1178 - AT - Income TaxPenalty u/s 271D - loan amount obtained in cash from Directors in emergency - violation of provision of section 269SS - HELD THAT:- After perusal of the material on record, it is noticed that during the year under consideration directors of the assessee company, Anish Nagpal has given and other director Shri Amit Purswani different dates as per the copies of ledger account placed in the paper book filed by the assessee. We have considered the fact and material on record and noticed from the copy of ledger account submitted by the assessee that on the different dates assessee has obtained cash from the two directors and there was no repayment made by the assessee during the year, the aforesaid accounts cannot be said of the nature of current account as claimed by the assessee. The assessee has not brought any material to substantiate that assessee has not committed any violation of section 269SS of the act, we do not find any infirmity in the decision of ld. CIT(A) in sustaining the penalty levied u/s. 271D of the act, therefore, this ground of appeal of the assessee is dismissed.
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