ITAT upholds Penalty Levied u/s 271D of IT Act for Contravention of Section 269SS for Accepting Loan and Advances other than by way of Account Payee Cheques

By Aparna. M - On June 5, 2023 5:05 pm - 2 mins read

ITAT upholds Penalty - Contravention - ITAT - Penalty - Accepting Loan and Advances other than by way of Account Payee Cheques - Loan and Advances - Taxscan

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has recently upheld that penalty levied under section 271D of the Income Tax Act 1961 for contravention of Section 269SS of Income Tax Act 1961 for accepting a loan and advances other than by way of account payee cheques. Assessee Love Shoppers Ltd. filed the appeal…

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