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Case Law Details

Case Name : M/s. Soundarya Textiles Vs The Assistant Commissioner Of Income Tax (Kerala High Court)
Related Assessment Year :
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The short facts involved in the above appeal are relating to the contribution made by 12 persons amounting to Rs. 51,20,000/- during the assessment year 2005-2006. The assessing officer found that the assessee has accepted the aforesaid amount contravening the provisions of Section 269SS of the Income-tax Act (for short `the Act’) and initiated proceedings to impose penalty under Section 271DD of the Act.

The assessee tried to explain the said allegation

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