https://www.taxtmi.com/highlights?id=41615 Penalty u/s 271D - while framing the assessment it was held as the monies advanced and assessed as undisclosed income and when the appellate authorities deleted the addition holding that the said sum represents loans borrowed, the department has made the ‘U’ turn and initiated penalty proceedings u/s 271D. - Not permissible - No penalty. en-us Mon, 24 Sep 2018 16:20:15 +0530 Mon, 24 Sep 2018 16:20:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=41615 Penalty u/s 271D - while framing the assessment it was held as the monies advanced and assessed as undisclosed income and when the appellate authorities deleted the addition holding that the said sum represents loans borrowed, the department has made the ‘U’ turn and initiated penalty proceedings u/s 271D. - Not permissible - No penalty. Highlights Income Tax Mon, 24 Sep 2018 16:20:15 +0530 https://www.taxtmi.com/highlights?id=41615