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2017 (1) TMI 1820 - ITAT DELHIPenalty u/s. 271D and u/s. 271E - assessee company has taken loan in cash on different dates & repaid the same in cash in contravention of section 269SS & 269T - HELD THAT:- We find that the assessee has taken diverse stands at different points of time. In the assessment proceedings, initially the assessee stated that no cash payment has been received. In the penalty proceedings, it was stated that cash payment was received as share application money and was repaid to Loan creditors on rejection of the offer by the Board of Directors. The appellant could not bring any evidence on record to support his claim regarding the amount received from Loan creditors towards share application money and the rejection of the share capital allotment by the Board. The appellant has also failed to rebut the finding of the authorities below that once, both the depositors were the directors of assessee company, there was no reason to believe that the proposed offer of share capital allotment was withdrawn, for which no evidence is laid on record. The assessee also could not adduce any evidence before us to support its stand that the amount so received from Loan creditors was repaid by way of cheques or the amounts received was mentioned twice by the AO. The cash book submitted was not found authentic, as it was an extract typed on A-4 size paper as mentioned by the CIT(A) in the impugned order. Thus no justification to interfere with the conclusions of the ld. Authorities below that the appellant has taken loan in contravention of section 269SS and has repaid the same in contravention of section 269T of the Act entailing penalty u/s. 271D and 271E - Decided against assessee.
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