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S. 271D penalty for receipt of Loan in cash Justified if no reasonable cause exist
Case Law Details
- Case Name
- Builtec Engineers & Builders Vs Deputy Commissioner of Income-tax (Madras High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Madras High Court
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HIGH COURT OF MADRAS
Builtec Engineers & Builders
Versus
Deputy Commissioner of Income-tax
Tax Case (Appeal) No. 259 of 2006
JULY 18, 2012
JUDGMENT
Mrs. Chitra Venkataraman, J.
This Tax Case (Appeal) filed by the assessee as against the order of the Income Tax Appellate Tribunal relating to the assessment year 1994-95, was admitted by this Court on the following substantial questions of law:
“1. Whether on the facts and in the circumstances of the case, the Tribunal is right in law in confirming the levy of penalty of Rs. 7,35,475/- under Section 271D of the Income Tax Act?
2. Whethe...
If the assessee availed cash loan from it payers for purchase of site and return the amount through cheque is this attract the penalty U/s 271
d
If the assessee availed cash loan form it payers for purchase of plot and return the amount though cheque is this attract the penalty U/s 271
d