Treatment of Personal Expenses as Income precludes loan classification, Income cannot be taxed twice in same Assessment Year: ITAT deletes Penalty u/s 271D [Read Order]

The personal expenses as income of the assesse then the same Assessment year amount cannot be treated as loan in violation of the provisions of Section 269SS of the Act 1961
ITAT - ITAT Delhi - Income Tax - Taxation of personal expenses - Section 271D of Income Tax Act - taxscan

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under Section 271D of the Income Tax Act, 1961, as treating personal expenses as income precludes loan classification, and income cannot be taxed twice in the same assessment year. A Search and seizure operation under Section 132 of the Income…

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