Penalty u/s 271-D and 271-E - accepting loan in cash from the...

Penalty u/s 271-D and 271-E - accepting loan in cash from the director of the company - The tribunal held that, the assessee`s case under consideration the transactions between Directors and assessee-company are on account of business exigency. Besides, assessee-company and the director both have disclosed transactions in their respective books of accounts for the relevant previous year. In the assessee`s case, it was not a case of loan taken/given from/to public, but amount received/paid to director to meet the business exigencies.