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Income Tax - Highlights / Catch Notes

Home Highlights January 2023 Year 2023 This

Penalty levied u/s. 271D - transactions through journal entries ...

Income Tax

January 4, 2023

Penalty levied u/s. 271D - transactions through journal entries - assessee shall be deemed to have had reasonable cause to receive the deposits/loans through journal entries on account of various judgments/orders holding that journal entries in the book of accounts indicating deposit/loans did not fall foul of Section 269SS of the Act, which would also be a reasonable cause under Section 273B of the Act for non-imposition of penalty under Section 271D - AT

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