Loans taken from Partnership Firms, in Violation of u/s 269SS of Income Tax Act: ITAT imposes Penalty u/s 275 (1) (c) of Income Tax Act [Read Order]
ITAT imposed a penalty under Section 275(1) (c) of the Income Tax Act, 1961, on loans taken from partnership firms, which were deemed to violate Section 269SS of the Income Tax Act, 1961
The single member bench of the Income Tax Appellate Tribunal ( ITAT ) Ahmedabad, imposed a penalty under Section 275(1)(c) of the Income Tax Act, 1961, on loans taken from partnership firms, which were deemed to violate Section 269SS of the Income Tax Act, 1961 The assesse, a practicing gynecologist and partner in the firm M/s….
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