[aaykarbhavan] No penalty for taking loan in cash if impugned transaction is deemed as unexplained cash credit under sec. 68

No penalty for taking loan in cash if impugned transaction is deemed as unexplained cash credit under sec. 68

October 1, 2014[2014] 49 taxmann.com 72 (Madras)

IT : Once certain amount was subjected to tax under section 68, question of treating it as transaction in violation of section 269SS or section 269T did not arise as it stood mutually excluded

IT : Where Tribunal having gone into genuineness of transaction and reasons attributed by assessee for obtaining cash loan in view of compelling circumstances, invoked provisions of section 273B in order to set aside penalty order passed under section 271D, order so passed did not require any interference

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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