Levying penalty u/s 271D - Accepting loan / deposits in cash ...

Income Tax

July 26, 2021

Levying penalty u/s 271D - Accepting loan / deposits in cash from relatives in violation of section 269SS - the assessee has taken loans from relatives to finance her higher education. We do not see any reason to impose a penalty in the circumstances of this case where the assessee has taken loan from her relatives without approaching any banking institution. Accordingly, the penalty imposed by the revenue authorities are deleted. - AT

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Levying penalty u/s 271D - Accepting loan / deposits in cash ...

Income Tax

July 26, 2021

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