Thursday, 29 October 2015

Cash loans to firm couldn't held as Inter-firm transactions due to common partner in both firms; pen

IT: Where assessee firm repaid loan amount in cash to another firm, in violation of provisions of section 269T, mere fact that one partner was common in both firms, it could not be taken as a case of inter-firm transactions and, therefore, penalty order passed under section 271E was to be confirmed

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