Dismissing the appeal of the revenue the Court held that for accepting or repaying the loan or deposit by passing journal entries , penalty cannot be levied , if the transactions are bona fide ,genuine and reasonable cause .(No substantial question of law. ITA No. 172 of 2015 dt.6-02-2015) ( AY. 2009-10)
CIT v. Lodha Properties Development Pvt Ltd ( 2018) 165 DTR 227 /304 CTR 811 /(2019) 412 ITR 316( Bom) ( HC)Adinath Builders ( P) Ltd ; CIT v. ( 2018) 165 DTR 227/304 CTR 811/(2019) 412 ITR 316 ( Bom) ( HC) Adinath Hi-Tech Builders ( P) Ltd; CIT v. ( 2018) 165 DTR 227/ 304 CTR 811 / 92 Taxmann.com 228/(2019) 412 ITR 316( Bom) ( HC) Asthavinayak Real Estate ( P) Ltd; CIT v. ( 2018) 165 DTR 227/ 304 CTR 811/(2019) 412 ITR 316 ( Bom) ( HC) Lodha Bulders ( P) Ltd ; CIT v. ( 2018) 165 DTR 227/ 304 CTR 811/(2019) 412 ITR 316 ( Bom) ( HC) Lodha Crown Buildmart ( P) Ltd ; CIT v. ( 2018) 165 DTR 227/ 304 CTR 811/(2019) 412 ITR 316 ( Bom) ( HC) Editorial : Lodha Properties Development Pvt Ltd v. ACIT (2014) 106 DTR 226/163 TTJ 778/34 ITR 157 ( Mum) (Trib) is affirmed.Editorial: SLP of revenue is dismissed CIT v. Adinath Builders (P) Ltd ( 2018) 409 ITR 14 (St)/( 2019) 261 Taxman 168 (SC)
S. 271D : Penalty -Takes or accepts any loan or deposit –Journal entries – Penalty cannot be levied if the transactions are bona fide ,genuine and reasonable cause.No substantial question of law [ S. 260A,269SS, 269T, 273B ]