No Section 271D penalty for journal entries passed out of business constraints

DCIT Vs Macrotech Developers Limited (ITAT Mumbai) Assessee filed a submission stating that assessee has not accepted any loan as well as there is no violation of provisions of section 269SS of the Act. Assessee also submitted raised several judicial precedents before the learned Adjudicating Authority. The learned Adjudicating Authority rejected the contention of the assessee and held that there is a violation of Provisions of Section 269SS of the Act and in absence of any reasonable cause, the assessee is exposed to the penalty under section 271D of the Act equivalent to the amount of loan. ...