No penalty for Cash Loans from sister concerns to pay to labourers at remote place

PCIT Vs Akash Infra-com-Projects Pvt. Ltd. (Orissa High Court) Assessee had accepted the loans of 1 .5 crores in cash from M/s Laxmi Nrushingha Construction and Rs.20 lakhs in cash from M/s S.S. Parida during the AY in question in violation of the provision of Section 269SS of the Act. The reason given by the Assessee in response to the show cause notice issued by the Additional CIT for imposition of penalty was that both the entities from whom the cash loan was taken were partnership firms in which the Directors of the Assessee had controlling stake and other partners of the firms were famil...