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2023 (3) TMI 1303 - AT - Income TaxPenalty u/s 271D - violation of provisions of Section 269 SS - assessee argued that the cash loan has been taken for urgent disbursal of the salary - HELD THAT:- In the instant case, we find that though the assessee argued that the cash loan has been taken for urgent disbursal of the salary, the same fact could not be brought on record that the salary has been indeed paid from the loans taken. The assessee could not prove the fact of payment of salary subsequent to the receipt of loan and hence, we decline to interfere with the order of the ld. CIT(A). Appeal of the assessee is dismissed.
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