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Lok Vikas Housing Funds Ltd v. Add. CIT(2023) 223 TTJ 746 (Jaipur)(Trib)

S. 271D: Penalty-Takes or accepts any loan or deposit-Cash transactions between group company-Common cashier-Book entries-Reasonable cause-Penalty is deleted. [S. 269SS, 269T, 271E, 273B]

 

Held that transactions between group company by journal entries by a common cashier cannot be treated as loan or deposit. There was reasonable cause and plausible reasons for making adjustment entries in the books of both the companies. Levy of penalty is deleted. (AY. 1995-96)