TMI BlogPenalty u/s 271E - violation of the provision of section 269T - assessee has repaid the loans and...Penalty u/s 271E - violation of the provision of section 269T - assessee has repaid the loans and advances received from various creditors otherwise than by crossed cheque - sufficient and reasonable cause for repayment of the loan to the directors and shareholders - the assessee has demonstrated that transactions were genuine with relevant documents. It is a mere technical violation and there is no loss to the revenue - No penalty - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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