Penalty u/s 271D & 271E cannot be levied on transaction entered through journal voucher

Assessee has received instructions from one of the Directors Mr. Rahul G. Shah to credit the account of his wife Smt. Lata G. Shah by Rs.12,00,000/- debiting his account with the same amount. Accordingly, the assessee has passed a journal entry debiting Rahul G. Shah loan account and crediting Lata G. Shah loan account. Here, there was no physical receipt from Smt. Lata G. Shah or there was no physical repayment of Rs.12 lac to Mr. Rahul G. Shah. The assessee has also credited Rs.3,25,000/- by way of Director Remuneration to Mr. Rahul Girish Shah on 31.03

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