Loan payments made through bank transfers and not bearer Cheques: ITAT deletes penalty imposed u/s 271E of Income Tax Act [Read Order]
ITAT has nullified the penalty imposed under section 271E of the Income Tax Act, 1961 citing that loan payments are executed through bank transfers rather than bearer cheques
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has nullified the penalty imposed under section 271E of the Income Tax Act, 1961 citing that loan payments are executed through bank transfers rather than bearer cheques. The facts in brief were that during the thorough examination of the assessee’s case for the…
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