ITAT upheld section 271D penalty for cash loan from director

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.Please become a Premium member. If you are already a Premium member, login here to access the full content.