Case Law Details
Case Name : Envogue Wood Working Pvt Ltd Vs ACIT (ITAT Delhi)
Appeal Number : I.T.A .No.-293 & 294/Del/2012
Date of Judgement/Order : 10/06/2015
Related Assessment Year :
Courts :
All ITAT ITAT Delhi
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Brief of the case:
ITAT held in Envogue Wood Working Pvt Ltd Vs ACIT that if the assessee had taken and repaid the loan in cash and provided the sufficient reasonable cause of doing such then penalty u/s 271D & 271E would not be imposed.
Moreover judiciary should be satisfied with the reasonable cause given by the assessee.
Facts of the case:
Assessee had taken loan & advanced loan to its whole time directors and shareholders in cash because of which the AO levied penalty u/s 271D & 271E for the violation of provisions of sec 269SS & 269T which was unsuccessfully challenged with CIT(A) .
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what about the interest paid by assessee to those persons …is any deduction is available