Tax Penalty Proceedings u/s 271D Dismissed; Loans Misclassified as Undisclosed Income, No Penalty Imposed.

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....Penalty u/s 271D - while framing the assessment it was held as the monies advanced and assessed as undisclosed income and when the appellate authorities deleted the addition holding that the said sum represents loans borrowed, the department has made the ‘U’ turn and initiated penalty proceedings u/s 271D. - Not permissible - No penalty.....