Loan Received/paid in cash to meet immediate business requirements – ITAT cancels section 271D/271E penalty

Balwan Singh Vs ACIT (ITAT Delhi) The assessee is engaged as a transporter and has not maintained any regular books of account. The assessment has been made on estimations, keeping in mind the transportation receipts earned by the assessee which also includes some of impugned entries towards cash receipts by way of loan. The assessee in the course of survey itself, on being questioned, responded that the cash has been received by way of temporary loan from family members to meet the business exigency having regard to the nature of business he is involved in. The fact of business exigency has n...