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Income Tax - Highlights / Catch Notes

Home Highlights January 2021 Year 2021 This

Penalty u/s. 271E - Cash paid towards repayment of finance ...

Income Tax

January 13, 2021

Penalty u/s. 271E - Cash paid towards repayment of finance obtain for purchase of trucks - as well as the Ld. CIT(A) have not doubted the genuineness of the transactions. It is also not clear whether the finance obtained is, a lease finance or hire purchase finance. The assessee has explained the urgency leading to payment of instalment in cash. The lender have confirmed this fact. It is a fact that CBIL ratings are efficiently resulting in effect on business. - No penalty - AT

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