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Section 271D Penalty Deleted on Journal Entry Loan Transfer: ITAT Mumbai
Case Law Details
- Case Name
- Valchand Bhalraj Shah Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Mumbai
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Valchand Bhalraj Shah Vs ITO (ITAT Mumbai)
Mumbai ITAT Deletes Section 271D Penalty on Loan Transfer Through Journal Entries During Group Restructuring
The Mumbai ITAT deleted the penalty levied under Section 271D for alleged violation of Section 269SS, holding that the transfer of loans through journal entries during an internal group restructuring constituted a reasonable cause under Section 273B. The assessee had taken over loans originally advanced to a partnership firm after its business was transferred to a group company. Since the assessee had stood as guarantor for the...
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