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Sec. 269SS Penalty cannot be imposed if cash loan was taken to meet business needs
Case Law Details
- Case Name
- DCIT Vs Rupen Das (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- ITAT Kolkata
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For loan taken in violation of section 269SS penalty can not be imposed if same was taken to meet business needs
DCIT Vs Rupen Das (ITAT Kolkata)– The assessee was engaged in providing security guards to various Government and non-Government organisations and regular payment to the employees was essential to provide better services. As on May 9, 2005, the assessee had to pay Rs. 9,21,310 immediately for payment to the staff, whereas the opening cash balance on that date was only Rs. 3,98,787. Under this compelled situation, the assessee had to take cash of Rs. 7,00,000...
Sir,
Can A.O.takes action against the persons who are giving loan in excess of rs. 20000.
Can A.O. makes additions to their income as in case of cash loan given on hundi.