Penalty u/s 271D
This query is : Resolved
v v g raju
(Querist)
08 October 2009
Whether penalty proceedings u/s 271D is leviable on the loan for violatin of section 269SS where the same loan is treated as his income and added back u/s 68.
C.A.Harish Singh
(Expert)
10 October 2009
Not agreed with Rajiv.
If penalty proceedings u/s 271D started that means it is treated as loan then it can not be treated as income and add back to his income u/s 69.
If penalty proceedings u/s 271D started that means it is treated as loan then it can not be treated as income and add back to his income u/s 69.
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