No Section 271D penalty for Loan to Company through journal entry

DCIT Vs Analytical Technologies Ltd. (ITAT Ahmedabad) Assessee submitted that there is no contravention of Section 269SS of the Act relating to the loan transactions made through banking channel, the same are availed by the Director and passed to the assessee company through ‘journal entry’ wherein penalty u/s. 271D cannot be levied. The ld. CIT(A) after going through the ‘journal entry’ made by the assessee and difficulty faced in the Tally software, which necessitated the assessee to pass journal entry. All these transactions have routed through ICICI Bank Ltd., Kotak Mahindra Prime ...