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Penalty not leviable for cash loan taken/paid to comply re-settlement scheme of BIFR
Case Law Details
- Case Name
- Monarch Dyestuff Industries And Exports Ltd. Vs JCIT (ITAT Ahemdabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Ahmedabad
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Monarch Dyestuff Industries And Exports Ltd. Vs JCIT (ITAT Ahemdabad)
Conclusion: Assessee was not liable for penalty under section 271D and 271E for availing cash loans/deposits in violation of section 269SS and 269T as it had availed the facility in order to re-establish itself, and for fulfilment of promises given for the purpose of BIFR which was a reasonable cause foe not levying penalty.
Held: Assessee had obtained loan/deposits in cash and repaid alleged loan/deposits in cash, thus, violated provisions of section 269SS and 269T. AO had imposed penalty under section 271D and 271E. It was...
