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Income Tax - Highlights / Catch Notes

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Penalty levied u/s 271D and 271E - accepting deposits by way of ...


Bombay High Court upholds penalty for loan transactions via journal entries, violating sections 269SS and 269T.

August 16, 2022

Case Laws     Income Tax     AT

Penalty levied u/s 271D and 271E - accepting deposits by way of journal entries - assessee had accepted/paid loans in contravention of provision of section 269SS/269T - the Hon’ble Bombay High Court has specifically observed that irrespective whether the transaction was bonafide or non-bonafide, repayment of loan by debiting amount through journal entries was in the nature of contravention of section 269T. - Levy of penalty confirmed - AT

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