Case Law Details
H.K. Infraventure Pvt. Ltd. Vs JCIT (ITAT Allahabad)
there was no valid and reasonable cause for assesse to have received loan or deposit of Rs. 1,10,02,000/- in cash from its Director namely Mr. Hemant Kumar Sindhi, more so Allahabad(Now Prayagraj), U.P. is having all the requisite banking facilities available, and there was no reason and justification for the assesse to have taken loan or deposit of Rs. 1,10,02,000/- in cash from Mr. Hemant Kumar Sindhi and no such urgency was there to receive such a huge amount in cash.
In the instant case no reasonable cause or urgency is shown by the assesse for having accepted cash aggregating to Rs. 1,10,02,000/- on different occasions from Mr. Hemant Kumar Sindhi.
It could not be shown as to why the transactions could not be undertaken in compliance with the prescribed modes u/s 269SS.
Further, the Private Limited company and Director are altogether different person under the provisions of Section 2(31), and there could not be two view on this.
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