https://www.taxtmi.com/caselaws?id=266964 The Tribunal allowed the appeal, canceling the penalty imposed under Section 271D of the Income-tax Act, 1961. It was held that the loan acceptance through a journal entry, part of a share capital pooling arrangement among directors, did not violate Section 269SS as it did not involve a monetary transaction. The Tribunal emphasized the absence of fund transfer and the lack of clarity in the CBDT Circular, ruling in favor of the appellant based on consistent judicial precedents supporting their position. en-us Tue, 22 Sep 2015 00:00:00 +0530 Wed, 28 Oct 2015 06:32:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266964 The Tribunal allowed the appeal, canceling the penalty imposed under Section 271D of the Income-tax Act, 1961. It was held that the loan acceptance through a journal entry, part of a share capital pooling arrangement among directors, did not violate Section 269SS as it did not involve a monetary transaction. The Tribunal emphasized the absence of fund transfer and the lack of clarity in the CBDT Circular, ruling in favor of the appellant based on consistent judicial precedents supporting their position. Case-Laws Income Tax Tue, 22 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266964