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2023 (10) TMI 695 - AT - Income TaxPenalty u/s. 271D and u/s. 271E - assessee company has taken loan in cash on different dates & repaid the same in cash in contravention of section 269SS & 269T - HELD THAT:- Violation was of Section 269SS of the Act which deals with the modes of accepting certain loans deposits and specified sums and Section 269T of the Act which deals with the modes of repayment of certain loans for deposits are violation which are not to be examined from the perspective the person who has given the loan or to whom the loan was returned but from the perspective of the recipient of the loan. Thus, the innocence pleaded on account of ignorance of law of Directors who are claimed to be non-resident is insignificant. There is no question of any benefit to the assessee company on the basis of claim of bona fides of the Directors. The provisions of Section 269SS and 269T of the Act imposed statutory liability and cannot be said to held to be mere technical violation in case of companies. Appeal dismissed.
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