If assessee accepts loan to meet certain business contingencies no penalty could be imposed under s 271D for violation of s 269SS

CIT Vs. Volpak Securities Ltd. High Court of Gujarat Tax Appeal Nos. 401, 402 of 2010 Decided on: 22 June 2011 Oral Order (Per: Akil Kureshi, J) These Appeals have been filed by the Revenue, seeking to challenge the common judgment of the Tribunal dated 13th August 2009. Factual background leading to these Appeals is as under:- 2.The assessee had accepted certain cash loans from three different persons in the assessment year in question totaling to Rs. 10,76,000/. Revenue contending that such acceptance was in violation of section 269SS of the Income-tax Act, 1961, instituted penalty proceedin...