Penality applicable
This query is : Resolved
Kollipara Sundaraiah
(Querist)
27 June 2020
One of I.t. Assess cash loan received rs.50,000/- Dt:01-04-2019 through on cash mode.
Cash loan repayment rs.55,000/- Dt:31-03-2020 through on cash mode.
Question:
Assess penality under section 271 D applicable or not.
Cash loan repayment rs.55,000/- Dt:31-03-2020 through on cash mode.
Question:
Assess penality under section 271 D applicable or not.
Soumitra Basu
(Expert)
30 July 2020
PENALTY IS APPLICABLE IF YOU CANNOT SHOW THE REASONABLE EXPLANATION FOR ACCEPTING AND REPAYING THE CASH LOAN.
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