[aaykarbhavan] No penalty alleging sec. 269SS violation in absence of any evidence showing acceptance of cash loan by assessee

 

No penalty alleging sec. 269SS violation in absence of any evidence showing acceptance of cash loan by assessee

February 23, 2015[2015] 54 taxmann.com 159 (Delhi)

IT : Where Assessing Officer made addition under section 69C in respect of interest paid on loan taken in cash, since revenue had not filed any document or material to show that in fact loan was taken and interest payment was made, impugned addition was to be deleted

IT : In absence of any evidence on record showing that loan was in fact taken in cash by assessee, penalty order passed for violating provisions of section 269SS was not sustainable

Regards

Prarthana Jalan

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

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