https://www.taxtmi.com/highlights?id=65114 Penalty levied u/s 271D and 271E - accepting deposits by way of journal entries - assessee had accepted/paid loans in contravention of provision of section 269SS/269T - the Hon’ble Bombay High Court has specifically observed that irrespective whether the transaction was bonafide or non-bonafide, repayment of loan by debiting amount through journal entries was in the nature of contravention of section 269T. - Levy of penalty confirmed - AT en-us Tue, 16 Aug 2022 09:05:40 +0530 Tue, 16 Aug 2022 09:05:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=65114 Penalty levied u/s 271D and 271E - accepting deposits by way of journal entries - assessee had accepted/paid loans in contravention of provision of section 269SS/269T - the Hon’ble Bombay High Court has specifically observed that irrespective whether the transaction was bonafide or non-bonafide, repayment of loan by debiting amount through journal entries was in the nature of contravention of section 269T. - Levy of penalty confirmed - AT Highlights Income Tax Tue, 16 Aug 2022 09:05:40 +0530 https://www.taxtmi.com/highlights?id=65114