https://www.taxtmi.com/caselaws?id=449426 ITAT Delhi held that penalty under section 271D for contravention of section 269SS regarding loan acceptance from M/s Spaze Towers Pvt. Ltd was not sustainable. Following Aman Sharma precedent from Punjab and Haryana HC, the tribunal ruled that once the Assessing Officer treated personal expenses incurred by the company as assessee's income, the same amount cannot simultaneously be treated as loan violating section 269SS provisions. The same income cannot be taxed in two hands in the same assessment year. CIT(A) correctly deleted the additions. Decision favored the assessee. en-us Fri, 05 Jan 2024 00:00:00 +0530 Sat, 10 Feb 2024 10:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449426 ITAT Delhi held that penalty under section 271D for contravention of section 269SS regarding loan acceptance from M/s Spaze Towers Pvt. Ltd was not sustainable. Following Aman Sharma precedent from Punjab and Haryana HC, the tribunal ruled that once the Assessing Officer treated personal expenses incurred by the company as assessee's income, the same amount cannot simultaneously be treated as loan violating section 269SS provisions. The same income cannot be taxed in two hands in the same assessment year. CIT(A) correctly deleted the additions. Decision favored the assessee. Case-Laws Income Tax Fri, 05 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449426