Penalty u/s 271D - cash loans from farmer friends - assessee ...

Penalty Upheld for Cash Loans: Assessee Fails to Prove Urgent Financial Need u/s 271D, Violates Section 269SS.

June 10, 2019

Case Laws Income Tax HC

Penalty u/s 271D - cash loans from farmer friends - assessee relied on mere oral assertions of urgent requirement of funds without producing any material to establish such assertion - the details of purchase orders required to be executed within time and most significantly did not co-relate the purchases made from such cash loans - no reasonable explanation for failure of Section 269SS - penalty upheld

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Penalty u/s 271D - cash loans from farmer friends - assessee ...

Penalty Upheld for Cash Loans: Assessee Fails to Prove Urgent Financial Need u/s 271D, Violates Section 269SS.

June 10, 2019

Case Laws Income Tax HC

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