Penalty under Section 271D and under Section 271E - ...
Income Tax
April 27, 2022
Penalty under Section 271D and under Section 271E - accepting/repayment of cash - The impromptu response of the purportedly uneducated assessee at the time of survey, in our view, requires to be seen in its natural perspective and requires to be given credence. The assessee has declared that the money was received from family members to meet the business exigencies. Having regard to the nature of business of the assessee and ground realities, such explanation appears plausible. - No penalty - AT
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