Penalty u/s 271E of Income Tax Act cannot be levied on Repayment of Loan in Absence of Cash Transaction: Madras HC [Read Order]

By Kalyani B. Nair - On January 24, 2024 8:05 am - 2 mins read

Madras high court - madras hc - Repayment of loan and cash transaction - cash transaction - Repayment of loan - taxscan

In a recent decision, the Madras High Court observed that the penalty under Section 271E of the Income Tax Act, 1961 cannot be levied on repayment of loan in the absence of cash transaction. The main grievance of the petitioner is that the petitioner-assessee-Company has advanced a sum of Rs.14,00,00,000/- to M/s. Shakti Sugar Ltd.,…

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