No Penalty on Receiving Cash Loan from Family Members to Meet Business Exigency: ITAT [Read Order]

Penalty - Cash Loan - Family Members - Business Exigency - ITAT - Taxscan

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the penalty under sections 271D and 271E of the Income Tax Act, 1961 cannot be leviable on receipt of cash loan from family members to meet business exigencies. The assessee is engaged as a transporter and has not maintained any regular books of account….

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