Tribunal rejected the contention of the assessee that cash was towards capital contribution of various projects was not supported by any evidence. Tribunal held that provision is held to be applicable in respect of adjustment of loan towards sale of flats ,accordingly the levy of penalty is held to be justified. (AY. 2012 -13, 2014-15)
Golla Narayana Rao v. ACIT (2019) 174 ITD 67 / 176 DTR 201/ 198 TTJ 407(Visakha)(Trib.)
S. 271D : Penalty–Takes or accepts any loan or deposit-Business of civil construction-Adjustment of loan towards sale of flat– Provision is held to be applicable–levy of penalty is held to be justified. [S.269SS, 269T]