| COURT: | ITAT Delhi |
| CORAM: | G. D. Agrawal (VP), H. S. Sidhu (JM) |
| SECTION(S): | 269SS, 271D, 271E |
| GENRE: | Domestic Tax |
| CATCH WORDS: | loan or deposit of money, penalty |
| COUNSEL: | Ajay Wadhwa |
| DATE: | January 16, 2015 (Date of pronouncement) |
| DATE: | January 19, 2015 (Date of publication) |
| AY: | 2007-08 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 269SS: Loan & deposit by way of journal entries are not covered. Transactions between a firm and its partner are also not covered | |
In the books of the assessee, there is only a journal entry by debiting the account of some other party and crediting to the account of the creditor. In these circumstances, in our opinion, when there is no monetary transaction between the assessee and creditor, it cannot be said that assessee accepted loan or deposit from the creditor in violation of Section 269SS
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