Company Penalized for Cash Transactions Violating Section 269SS; Penalty Imposed u/s 271D of Income Tax Act. https://www.taxtmi.com/highlights?id=70203 Penalty u/s 271D - contravention of provisions of Section 269SS - Cash transaction between the Company and its Director - a. cash utilized for purchase of stamps - b. cash deposited in the bank account of the compnay by the Director - It could not be shown as to why the transactions could not be undertaken in compliance with the prescribed modes u/s 269SS. - Levy of penalty confirmed - AT en-us Thu, 08 Jun 2023 15:01:40 +0530 Thu, 08 Jun 2023 15:47:41 +0530 TaxTMI RSS Generator Company Penalized for Cash Transactions Violating Section 269SS; Penalty Imposed u/s 271D of Income Tax Act. https://www.taxtmi.com/highlights?id=70203 Penalty u/s 271D - contravention of provisions of Section 269SS - Cash transaction between the Company and its Director - a. cash utilized for purchase of stamps - b. cash deposited in the bank account of the compnay by the Director - It could not be shown as to why the transactions could not be undertaken in compliance with the prescribed modes u/s 269SS. - Levy of penalty confirmed - AT Highlights Income Tax Thu, 08 Jun 2023 15:01:40 +0530 https://www.taxtmi.com/highlights?id=70203