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2014 (8) TMI 1185 - AT - Income TaxPenalty u/s 271D - contravention of the provisions of section 269SS - journal entries or cash loans - HELD THAT:- We find that the issue relating to justification for the penalties u/s 271D of the Act in identical facts and circumstances of the case has come up before the Tribunal in the case of assessee’s mother Smt. G. Venkata Lakshmi [2013 (7) TMI 1017 - ITAT HYDERABAD] and [2012 (11) TMI 1171 - ITAT HYDERABAD] wherein held there is no proof of receipt of such loan from the records and they were only found to be journal entries. The learned Tribunal, in our view, correctly observed that relying on an entry in the journal, no penalty proceedings can be initiated. Hence, it was sent for clarification whether actual flow of money did take place - Decided against revenue
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