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

Loan - Cash Exceeding - Penalty - Income Tax Act - Income Tax - Tax - ITAT - Taxscan

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


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