Tag: penalty 271D

Acceptance of loans by journal entries not violates section 269SS – SLP dismissed

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 …

No Violation us 269SS-loan accepted passing journal entries. Penalty 271D can not be levied for acknowledgment of loan by passing journal entries

No Violation us 269SS-loan accepted passing journal entries. When the loan is accepted by acknowledgement of debt by passing journal entries in the books of accounts it cannot be considered as acceptance of loan in violation of the provisions of section 269SS of the Act, consequently, no penalty …
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