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COMMISSIONER OF INCOME-TAX Versus SUNIL KUMAR GOEL - 2009 (3) TMI 131 - PUNJAB AND HARYANA HIGH COURT - Income Tax

Cash Loan - Penalty u/s 271D and 271E Violation of section 269SS Held that - assessee had produced his cash books, depicting loans taken by him unilaterally before the Revenue - no prejudice was caused to the Revenue - assessee did not attempt by the impugned act to avoid any tax liability - there is no dispute about the fact that the instant cash transactions of the respondent assessee were with the sister concern and that these transactions were between the family and due to business exigency .......


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