2019 (1) TMI 1263

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..... 2.2019 or till disposal of appeal, whichever is earlier. The hearing in the matter is already scheduled for 12.02.2019. AR has given an undertaking that he shall not seek any adjournment in the matter and where any adjournment is sought without showing reasonable cause to the satisfaction of the Bench, the stay so granted shall stand vacated. - S.A No. 38/JP/2018 (Arising out of ITA No. 145 .....

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..... as also summoned and his statement was recorded and he has confirmed that he has not taken any loan from Mr Ayush Agarwal. It was accordingly submitted that where there is no transaction of loan/advances in the assessee s books of accounts, there is no basis for levy of penalty U/s 271D of the Act. It was further submitted that out of total penalty demand of ₹ 10 lacs, the assessee has alrea .....

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