Penalty u/s. 271D - Cash Loan - AO treated it as undisclosed ...

Penalty for Cash Loan Overturned as Source Taxed as Unexplained Income, Eliminating Contradictory Claims by Tax Department.

November 3, 2023

Case Laws Income Tax AT

Penalty u/s. 271D - Cash Loan - AO treated it as undisclosed investment - Once the source of money invested by the assessee has been given the color as that of unexplained income and accordingly brought to tax by the AO, thereafter the department could not have taken a contrary view and held that part of the said investment was sourced out of a cash loan raised by the assessee - AT

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Penalty u/s. 271D - Cash Loan - AO treated it as undisclosed ...

Penalty for Cash Loan Overturned as Source Taxed as Unexplained Income, Eliminating Contradictory Claims by Tax Department.

November 3, 2023

Case Laws Income Tax AT

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