S. 271D No Penalty for acknowledging the debt in books, if there was no cash receipt by the Assessee

After hearing both the parties and on perusal of the record, it appears that the penalty is levied under Section 271-D for the violation of the provision of Section 269SS of the Act. The Tribunal in its order, after examining the entire material on record, had observed that the company made entries in the books of account for acknowledging the debt and as such there was no cash receipt on the part of the assessee company, and as such there could be no penalty u/s 271D for the violation of the provision of Section 269SS of the Act, in respect of book entries. Allahabad High Court INCOME TAX AP...