“Loan Given” in Cash Exceeding Prescribed Limit does not attract Penalty u/s 271D of Income Tax Act: ITAT [Read Order]

By Aparna. M - On February 7, 2023 7:30 pm - 2 mins read

The Indore bench of Income Tax Appellate Tribunal ( ITAT ) recently held that in case of “loan given” Penalty under section 271D Income Tax Act 1961 would be invalid. The fact of the case is that when a search is conducted on the premises of the Assessee Prakash Asphaltings & Toll of Highway (India)…

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Prakash Asphaltings & Toll of Highway (India) Ltd. vs ACIT

Counsel for Appellant: Shri Madhur Agrawal

Counsel for Respondent: Shri P.K. Mitra

CITATION: 2023 TAXSCAN (ITAT) 360

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