Levy of penalty u/s 271D and 271E in case of non-genuineness of transactions between director and assessee-company

M/s. Vasan Healthcare P Ltd. Vs Addl. CIT (Madras High Court)

Conclusion: Penalty u/s 271D and 271 E was leviable as there was absolutely no genuinity or bonafideness in the transaction done between the promoter/ director and assessee- company.

Held: In the instant case, deposit of the cash by the Director received from Mr.J.D. into the bank account of assessee-company on the same day and those amounts, being utilized for making several pa

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