Loan to Director due to Urgent need of Finance in Company, reflected in Books will not attract S. 269SS: ITAT deletes Penalty

Loan - Director - Finance - Company - ITAT - Penalty - taxscan

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the loan to the Director due to urgent need of finance in the Company which is duly reflected in the journal entries will not be a violation of section 269SS of the Income Tax Act, 1961 and therefore, penalty under section 271D will not…

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Analytical Technologies Ltd vs DCIT

Counsel for Appellant:   Shri Mehul K. Patel

Counsel for Respondent:   Shri Sudhendu Das

CITATION:   2022 TAXSCAN (ITAT) 1151

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