Merely because interest liability was recognised by journal entries at the close of the year, it does not make expenditure fictitious or non-genuine. In a recent judgment, ITAT has held that merely because the interest liability has been recognised through journal entries at the close of the accounting …
No Penalty u/s 271E on repayment of loan by journal entries of sale bills – ITAT In a recent judgment, ITAT Indore has held that penalty u/s 271E was not justified when loan was repaid by adjustment of by way of journal entries of genuine sales. ABCAUS Case …
Acceptance of loans by passing journal entries in books of accounts not in violation of section 269SS hence no penalty u/s 271D imposable – SC dismisses SLP of ITD ABCAUS Case Law Citation: ABCAUS 2735 (2019) (01) SC Important Case Laws Cited/relied upon: Commissioner of Income Tax Vs. Triumph International Finance (I) Ltd. Premier Breweries Ltd. Vs. Commissioner of Income Tax, 372 ITR 180. Commissioner of Income Tax Vs. Noida Toll Bridge Co. Ltd. 262 ITR 260 Sunflower Builders Vs. Dy.CIT, 1997 (61) ITD (Pune) 227, Asst.CIT …
