Penalty u/s 271D and 271E leviable as reasonable cause for accepting loan and advances in cash not explained

Sri Sai Balaji Gas Cylinder Pvt. Ltd. Vs ACIT (ITAT Chennai)

ITAT Chennai held that penalty u/s 271D and 271E of the Income Tax Act duly leviable as reasonable cause for accepting loans and advances in cash in contravention of provisions of Sec.269SS & 269TT not explained.

Facts- During the course of assessment proceedings, the AO noticed that the assessee company has accepted loans from Mr.M.Muruganandam, Managing Director of the company in contravention of sec.269SS

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