Monday, 16 November 2015

Penalty levied on assessee for accepting cash loan as it failed to prove that such receipt was from

IT : Where assessee failed to prove that he had received Rs. 15 lakhs in cash towards advance for sale of property, AO was justified in holding that it was infact a loan received in violation of provisions of section 269SS and, thus, penalty order passed under section 271D was to be confirmed

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