Capital contribution by partner in cash- No violation of section 269SS

ITO Vs Dayamayee Marble & Granite (ITAT kolkata) Where assessee received capital from the partner in cash, it did not tentamount to loan or deposit and therefore, penalty under section 271D was not to be levied for violation of section 269SS. FULL TEXT OF THE ITAT JUDGMENT 1. This appeal of the revenue arises out of the order for the Asst Year 2009-10 of the Learned Commissioner of Income Tax (Appeals)-6, Kolkata [in short the Ld. ITA] in Appeal No. 208/CIT(A)-6/Kol/15-16 dated 02.11.2016 against the order passed by the J.C.I.T- Range-24, Hooghly [ in short the ld AO] under section 271D of...