https://www.taxtmi.com/highlights?id=74957 Penalty u/s 271-D and 271-E - accepting loan in cash from the director of the company - The tribunal held that, the assessee`s case under consideration the transactions between Directors and assessee-company are on account of business exigency. Besides, assessee-company and the director both have disclosed transactions in their respective books of accounts for the relevant previous year. In the assessee`s case, it was not a case of loan taken/given from/to public, but amount received/paid to director to meet the business exigencies. en-us Fri, 16 Feb 2024 07:29:57 +0530 Fri, 16 Feb 2024 07:29:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74957 Penalty u/s 271-D and 271-E - accepting loan in cash from the director of the company - The tribunal held that, the assessee`s case under consideration the transactions between Directors and assessee-company are on account of business exigency. Besides, assessee-company and the director both have disclosed transactions in their respective books of accounts for the relevant previous year. In the assessee`s case, it was not a case of loan taken/given from/to public, but amount received/paid to director to meet the business exigencies. Highlights Income Tax Fri, 16 Feb 2024 07:29:57 +0530 https://www.taxtmi.com/highlights?id=74957