Amount considered as undisclosed income cannot be considered  loan to attract provisions of section 271D 

K.S. Chawla & Sons (HUF) Vs JCIT (ITAT Delhi) In the case of K.S. Chawla & Sons (HUF) Vs JCIT, the ITAT Delhi held that amounts considered as undisclosed income cannot simultaneously be considered as loans to attract penalties under Section 271D of the Income Tax Act. The appellants had been subjected to penalty proceedings under Section 271D for allegedly violating provisions related to cash loans, but the ITAT ruled in favor of the appellants, citing the settlement offer and acceptance of M/s Spaze Towers Pvt Ltd. The Settlement Commission had accepted an offer of additional income f...