Whether the penalty can be levied u/s 271D / 271E for the amount received and repaid in cash in the hands of the assessee company though as per the statement of the lender the amount was given to and repaid by the directors in their individual capacity

GROWTH AVENUES LTD. Vs JOINT COMMISSIONER OF INCOME TAX ITAT AHMEDABAD ITA No. 1939-1940/Ahd/2009 Assessment Year: 2003- 2004 Dated: May 19, 2011 Assessee’s appeal allowed ORDER Per: D K Tyagi: These are two assessee’s appeals against the order of Ld. Commissioner of Income­tax(Appeals)-I, Surat of even date i.e. 31-03-2009 for the assessment year 2003-04. First we take up ITA No. 1939/Ahd/2009. 2. The assessee has taken following ground:-“1. That on facts and circumstances of the case, the learned CIT(A) has erred in conforming penalty of Rs. 25,00,000/ u/s.271E of ...