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2022 (7) TMI 1263 - ITAT AHMEDABADPenalty u/s 271D - Journal entries - urgent need to make payment towards EPF - there was cash deposit in the bank account which is contravention of the provisions of Section 269SS (b) - HELD THAT:- The assessee clearly established that the loan availed by the Director Sivaprasad Patnam is transferred to the assessee company because of its company is urgent need of cash/finance. The same were being availed by way of loan from various banks and directly credited into the account of the assessee company and necessary journal entries have been made in the book of the assessee company. Thus, there is no violation of Section 269SS - Therefore no question of levying penalty u/s. 271D relating to the journal entry - Thus, the finding made by the CIT(A) purely factual in nature, which does not require any interference and the same is hereby upheld. Thus the grounds raised by the Revenue is hereby rejected and the appeal is dismissed.
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