Penalty for alleged contravention of provisions of section 269SS of the Income Tax Act

Last updated: 28 August 2021

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The Income Tax Appellate Tribunal (ITAT) Ahmedabad has allowed an appeal filed by M/s. Apple Weighinfra Limited. The company had accepted a loan of Rs. 17,40,000 in cash from its director, Shri Mitesh R. Shah. The Assessing Officer had levied a penalty under Section 271D of the Income Tax Act for this contravention of Section 269SS, which mandates acceptance of loans or deposits otherwise than by an account payee cheque. The Tribunal, following previous High Court judgments, ruled in favour of the assessee.

Court :
ITAT Ahmedabad

Brief :
This appeal has been filed by the Assessee is directed against the order of the Commissioner of Income Tax (�hereinafter called CIT(A)�) order no.

Citation :
ITA. No: 2173/Ahd/2018

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Judgement posted by

Poojitha Raam Vinay

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I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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