Penalty u/s. 271D/ 271E of the Income Tax Act not leviable in case of ‘loan given’

Prakash Asphaltings & Toll of Highway (India) Ltd Vs ACIT (ITAT Indore) ITAT Indore held that penalty under section 271D and section 271E are not attracted in case of “loan given”. Accordingly, penalty proceeding imposing penalty u/s 271D/ 271E of the Income Tax Act in case of ‘loan given’ is invalid. Facts- The original assessment was completed u/s 143(3). Subsequently, a search is conducted on the premises of the M/s. PATH Oriental Highways Public Limited during which incremating document was seized which contained the details of cash-transactions done between M/s Prakash Ashphal...