2021 (2) TMI 76 - SCH - Income Tax

Penalty u/s 271D and 271E - Deposit of the cash by the Director into the bank account of the assessee - running account maintained between the promoter/director and the Appellant company in the context of the transactions covered in section 269SS - no genuinity or bonafideness in the transaction done by the assessee and it will not amount to reasonable cause for the purpose of exercise or discretion by the Assessing Officer under Section 273B - HELD THAT - SLP dismissed.

Summary

The Supreme Court dismissed the Special Leave Petitions after hearing the counsels. The delay was condoned, and pending applications were disposed of. Parties involved included Ms. Kartik Seth, Ms. Shriya Gilhotra, Mr. Jayant Mehta, and others.