Assessee demonstrates Reasonable Cause for Cash Loan Availment u/s 273 B: ITAT deletes Penalty u/s 271D [Read Order]
AO was directed to examine whether there is “reasonable cause” as mandated under section 273B of the Act, for assessee to avail cash loans from its Directors.
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under Section 271D of the Income Tax Act, 1961 emphasizing a reasonable cause for cash loan availment and demonstrating compliance with Section 273B of the Income Tax Act. The Assessee is a private limited company engaged in the business of…
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