Section 271D penalty imposable on failure to prove non-contravention of section 269SS

Bookmywish E Commerce Pvt. Ltd. Vs Addl. CIT (ITAT Ahmedabad) Introduction: In the case of Bookmywish E Commerce Pvt. Ltd. vs. Addl. CIT, the company faces penalties under Section 271D of the Income Tax Act for accepting cash loans from directors. The dispute revolves around the alleged violation of Section 269SS. We delve into the details to understand the legal nuances and consequences. Detailed Analysis: The Additional CIT imposed a penalty of Rs. 4 lakhs on Bookmywish E Commerce Pvt. Ltd. for accepting cash loans, violating Section 269SS. The loans in question were received in cash from di...