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2023 (10) TMI 839 - AT - Income TaxLevy of penalty u/s 271D - violation of the provisions of section 269SS - Cash loan received from director - assessee had received loans in cash in excess of Rs. 20,000/- otherwise than by Account payee Cheque/Bank Draft - HELD THAT:- It is not a loan from public, but amount received from director to meet the business exigencies. We are of the considered view that transactions between appellant company and director are in the nature of current account transactions, which does not come under the purview of loan and deposit as per section 269SS of the Act. Therefore, we are of the considered view that the Assessing Officer is erred in levying penalty u/s. 271D - Appeal filed by the assessee is allowed.
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