Whether repayment of loan in cash in contravention of provisions of Sec 269T of IT Act 1961 will attract penalty u/s 271E


Last updated: 13 January 2023

Court :
ITAT Kolkata

Brief :
The Income Tax Appellate Tribunal (ITAT) held that the provisions of section 271E of the Income Tax Act, 1961 lays down conditions for imposition of penalty for repayments of loans and deposits in cash, where the amount exceeds Rs. 20,000 in violation of section 269SS of the Act.

Citation :
AUTO FUEL CENTRE Vs. JCIT

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