Case Law Details
Case Name : Deepak Sales & Properties Pvt. Ltd Vs ACIT (ITAT Mumbai)
Related Assessment Year : 2008-09
Courts :
All ITAT ITAT Mumbai
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Deepak Sales & Properties Pvt. Ltd Vs ACIT (ITAT Mumbai)
There is no dispute between the parties that bonafide nature of transactions alone would not be sufficient to escape the clutches of sec. 271D of the Act. As per the decision rendered by Hon’ble Supreme Court in the case of Kum. A.B. Shanthi (supra), it is required to be established that there was some bonafide reasons for the assessee for not taking or accepting loan or deposit by account payee cheque or account paye
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