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If assessee accepts loan to meet certain business contingencies no penalty could be imposed under s 271D for violation of s 269SS
Case Law Details
- Case Name
- CIT Vs. Volpak Securities Ltd. (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Gujarat High Court
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CIT Vs. Volpak Securities Ltd.
High Court of Gujarat
Tax Appeal Nos. 401, 402 of 2010
Decided on: 22 June 2011
Oral Order
(Per: Akil Kureshi, J)
These Appeals have been filed by the Revenue, seeking to challenge the common judgment of the Tribunal dated 13th August 2009. Factual background leading to these Appeals is as under:-
2.The assessee had accepted certain cash loans from three different persons in the assessment year in question totaling to Rs. 10,76,000/. Revenue contending that such acceptance was in violation of section 269SS of the Income-tax Act, 1961, instituted penalty proceedin...
