Transaction between the assessee and the director cannot be covered by section 269T
Last updated: 15 November 2012
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
Briefly stated the facts of the case giving rise to this appeal are that the assessee filed a return declaring loss of Rs.3,95,706/- and his assessment was finalized u/s 143(3) of the Act at an income of Rs.3,84,698. During the assessment, the AO observed that the assessee company has made a repayment of loan of Rs.2 lakh in cash to one of the directors of assessee company Shri Varun Agarwal, in contravention of the provisions of Section 269T of the Act. Consequently, the AO initiated penalty proceedings u/s 271E of the Act
Citation :
NJP Hospitality Pvt. Ltd., SF 202, 2nd Floor, V3S Mall, Laxmi Nagar District Centre, New Delhi.(PAN: AACCN4544K)(Appellant) Vs Income Tax Officer,Ward 13(1),C.R. Building, New Delhi.(Respondent)
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CS Bijoy
Published in Income Tax
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