Home / 
Directors' Capital Withdrawals for New Company Construction Not a Loan, No Penalties u/s 271D.
X X X X Extracts X X X X
X X X X Extracts X X X X
....Penalty u/s 271D - directors withdrawing from the capital account in their respective proprietary concerns for the purpose of construction of building and purchase of machinery of the new company, cannot be treated as a loan or deposit as contemplated u/s 269SS - AT....
TaxTMI