TMI BlogLevy of penalty u/s 271D - assessee had received the amounts in cash as loan from HUF - there cannot be...Levy of penalty u/s 271D - assessee had received the amounts in cash as loan from HUF - there cannot be any better reason for receipt of cash deposits than the death of Karta or Managing Director of the company. It is also not disputed that all the cash receipts were duly accounted in the books of the assesse as well as the HUF. There were no unaccounted transactions. - 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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