No section 271E penalty if payments were genuine & duly accounted

Sudha Agro Oil & Chemical Industries Limited Vs Add. CIT (ITAT Visakhapatnam) Conclusion: Penalty under section 271E for violation of provision of section 269T could not be levied as assessee-company repaid loans advances otherwise than by crossed cheque, however, it substantiated with relevant documents that all the payments made by it were genuine and all the creditors accounted the loans as well as the repayments in their books of account and moreover, it was a mere technical violation. Held: Assessee had frequently borrowed monies from directors and shareholders, mostly repaid by cross...