https://www.taxtmi.com/highlights?id=59610 Penalty u/s 271D - taking and repaying back of loan in cash - Relief granted by the CIT(A) based on under Negotiable Instrument act, for guilty for dishonouring of cheque given for repayment of loan - Merely because the Magistrate on a complaint filed had convicted the assessee on the ground of dishonoring of cheque U/s 138 of the N.I. Act it cannot automatically lead to presume that the assessee had in fact taken or accepted cash amount of ₹ 2.5 lacs as loan in contravention of provisions of Section 269SS - AT en-us Thu, 09 Sep 2021 15:22:11 +0530 Thu, 09 Sep 2021 15:22:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=59610 Penalty u/s 271D - taking and repaying back of loan in cash - Relief granted by the CIT(A) based on under Negotiable Instrument act, for guilty for dishonouring of cheque given for repayment of loan - Merely because the Magistrate on a complaint filed had convicted the assessee on the ground of dishonoring of cheque U/s 138 of the N.I. Act it cannot automatically lead to presume that the assessee had in fact taken or accepted cash amount of ₹ 2.5 lacs as loan in contravention of provisions of Section 269SS - AT Highlights Income Tax Thu, 09 Sep 2021 15:22:11 +0530 https://www.taxtmi.com/highlights?id=59610