TMI BlogPenalty u/s 271D - contravention of provisions of Sections 269SS - assessee has accepted loans and...Penalty u/s 271D - contravention of provisions of Sections 269SS - assessee has accepted loans and deposits from various sister concerns through journal entries, as such, loans were not taken through an account payee cheque or account payee bank drafts - it could be safely concluded that these entries were passed out of business constraints and exigencies and for administrative convenience with no malafide intent to evade payment of tax. In our considered opinion, this business constraint and ex..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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