Penalty u/s. 271E in absence of any repayment of loan not leviable: ITAT Kolkata

ITO Vs Paharhati O Uttar Memari Co-operative Agricultural Marketing Society Limited (ITAT Kolkata) ITAT Kolkata held the penalty under section 271E of the Income Tax Act not leviable since in the present case there was no repayment of loan received from the members but it was loan disbursed to members. Accordingly, revenue appeal dismissed. Facts- Revenue has preferred the present appeal against the deletion of penalty of ₹1,00,40,222/- which had been imposed u/s 271E of the Act for violation of provisions of Section 269T of the Act. Conclusion- Held that Section 269T is applicable on repaym...