Company Avoids Penalty: Loan Repayment to Director's Bank Account Not in Cash, No Section 271E Violation.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Penalty u/s 271E - Company has directly repaid the loan taken from Director to Bank - violation of section 269T - The assessee has demonstrated that under the compulsion the payment was directly credited in the bank account of the Director. Strictly it was not paid in cash - No penalty - AT....