Penalty u/s 271D for Cash Loans from MD: Verify Fund Sources to Remove Penalty for Section 269SS Default.

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....Penalty u/s 271D - Default u/s 269SS - cash loan(s) availed form its Managing Director in current account - day-to-day emergency expenses - AO directed to examine that no unexplained funds are introduced in the business of the assessee Company as loan from the Managing Director and if it found that the source of fund obtained from the Managing Director of the assessee Company is explained then delete the penalty levied invoking the provisions of section 271D. - AT....