Levy of penalty u/ss 271D and 271E was challenged - default u/ss ...

Penalty u/ss 271D & 271E for cash loans from directors rejected - no exemption, proceedings timely despite COVID delays. Urgent expenses at distant project sites allowed cash loans.

Case Laws Income Tax

August 7, 2024

Levy of penalty u/ss 271D and 271E was challenged - default u/ss 269SS and 269T - assessee received and repaid cash loans from directors and related concerns - assessee contended cash was received to meet urgent expenses at project site when funds were unavailable - argument that cash loans from directors were exempt from sections 269SS and 269T rejected as no such exception exists in statute - limitation argument rejected as proceedings completed within statutory limit - delay due to COVID-19 pandemic excluded - penalty levy inappropriate given assessee's business requiring frequent expenditure at distant project site and possibility of cash loans from directors due to exigency - appeals allowed by deleting penalties.

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Levy of penalty u/ss 271D and 271E was challenged - default u/ss ...

Penalty u/ss 271D & 271E for cash loans from directors rejected - no exemption, proceedings timely despite COVID delays. Urgent expenses at distant project sites allowed cash loans.

Case Laws Income Tax

August 7, 2024

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