No Proof of Loan or Deposit Leads to No Penalties Under Income Tax Act Sections 271D and 271E.
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....Penalty u/s 271D & 271E - when it is not established that the assessee had taken loan or deposit, the question of further presumption that such loan or deposit was repaid during the year under consideration was without any basis or material on record - AT....




TaxTMI
TaxTMI