Levy of penalty u/s 271D - assessee had received the amounts in ...

No Penalty for Cash Loans u/s 271D Due to Karta's Death; Transactions Properly Recorded.

November 30, 2020

Case Laws Income Tax AT

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

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Levy of penalty u/s 271D - assessee had received the amounts in ...

No Penalty for Cash Loans u/s 271D Due to Karta's Death; Transactions Properly Recorded.

November 30, 2020

Case Laws Income Tax AT

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