https://www.taxtmi.com/highlights?id=57929 Penalty u/s 271D and 271E - creation/ assignment of debt and liabilities vide journal entries - These entries arise in the normal course of day to day business activities. - no person would either receive or repay loans in such odd amounts. - these journal entries in the name of some parties were passed towards assignment of genuine and bonafide receivables / payables arising out of business expediencies and exigencies in the normal course of business. - Hence the same would certainly constitute reasonable cause within the meaning of section 273B of the Act and hence no penalty u/s 271D and 271E - AT en-us Wed, 12 May 2021 18:01:46 +0530 Wed, 12 May 2021 18:01:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=57929 Penalty u/s 271D and 271E - creation/ assignment of debt and liabilities vide journal entries - These entries arise in the normal course of day to day business activities. - no person would either receive or repay loans in such odd amounts. - these journal entries in the name of some parties were passed towards assignment of genuine and bonafide receivables / payables arising out of business expediencies and exigencies in the normal course of business. - Hence the same would certainly constitute reasonable cause within the meaning of section 273B of the Act and hence no penalty u/s 271D and 271E - AT Highlights Income Tax Wed, 12 May 2021 18:01:46 +0530 https://www.taxtmi.com/highlights?id=57929