Penalty u/s 271E - assessee has repaid loan in cash during the ...

Case Laws Income Tax

April 5, 2022

Penalty u/s 271E - assessee has repaid loan in cash during the year under consideration in violation of Section 269T - The assessee is since deceased and thus the authenticity of the transaction cannot vouched. Under these mitigating circumstances, we find that plausible cause exists to question the propriety of allegations. The assessee thus deserves to be exonerated from the clutches of Section 269T r.w. Section 271E of the Act. - AT

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Penalty u/s 271E - assessee has repaid loan in cash during the ...

Case Laws Income Tax

April 5, 2022

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