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

Last updated: 28 August 2021
Quick Summary
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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1999
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3499
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Poojitha Raam Vinay
Published in Income Tax
Views : 149
Attached File : 1442821_4288_24.pdf
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