S. 269SS not applies to cash loan taken by Partner from firm

HIGH COURT OF MADRAS Commissioner of Income-tax versus V. Sivakumar Tax Case (Appeal) No. 279 of 2010 Date of Pronouncement – 11.02.2013 JUDGMENT Mrs. R. Banumathi, J. The Revenue has preferred this appeal on the following substantial question of law:- “Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in deleting the levy of penalty by the Assessing Officer under Section 271D of the Income Tax Act, 1961, even though the advance has been accounted as loan and interest debited?” 2. The assessee was a...