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M/s Arkit Vincom Pvt. Ltd. Versus ACIT, Range-9, Kolkata

Levying the penalty u/s 271E - loan received by the assessee from Prakash Electronics System Ltd had been squared off by way of conversion of loan into equity - Held that - In the instant case, the loan has been borrowed from Prakash Electronics System Ltd in the earlier year and the same has been converted into equity during the year under appeal. Hence the genuinity of the said transactions cannot be questioned by the CIT-A. The said transaction cannot be considered to be in violation of provi....... + More



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