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2020 (12) TMI 351 - AT - Income TaxPenalty u/s 271D and 271E - Default under provisions of section 269SS and 269T - Accepting loans by way of cash in excess of the prescribed limit - HELD THAT:- If the assessee is able to establish that all the cash transactions are arising out of the bank withdrawals and recorded in the assesse’s books of accounts within a reasonable span of time from the date of cash withdrawals from the respective bank accounts and further if all the entities are pertaining to sister concerns (arising out of the same group of ownership), then the provisions of section 269SS and 269T will not be applicable and accordingly the penal provisions of section 271D and 271E cannot be invoked. Therefore, in the interest of justice, we hereby remit the matter back to the file of the Ld. AO to examine accordingly. - Decided in favour of assessee.
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