Acceptance of Loans via Journal Entries Violates Section 269SS, but not warrant a penalty

CIT Vs Ajitnath Hi­Tech Builders Pvt. Ltd. (Bombay High Court) In the present facts, the period during which the journal entries were made by the respondents was in the previous year relevant to the Assessment Year 2009­10 i.e. Financial Year 2008-­09. At that time, the decisions of the Tribunal in the cases of Triumph International (Supra) and decision of V.H. Parekh (P) Ltd., Ketan V. Parekh, Sunflower Builders (supra), Ruchika Chemicals (supra), Lala Murari Lal (supra) and the decision of the Delhi High Court in Noida Toll Bridge Co. Ltd. (supra) were holding the field. Thus, not in brea...