Held, that with regard to the grant of loan by the assessee to Shakiti Sugar Ltd. and repayment thereof made by Shakti Sugar Ltd. to the three entities based on the instructions of the assessee and as regards the discharge of liabilities, suitable entries had been made both in the books of account of the assessee as well as Shakiti Sugar Ltd. and in a similar way, the payments were reflected in the audited books of account. Such being the case, initiation of proceedings against the assessee had been made under a wrong assumption that there was a cash transaction. The imposition of a penalty under section 271E was not valid.(AY. 2018-19)\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271E: Penalty-Repayment of loan or deposit-Book entries discharge of liabilities-Repayment of loan in cash-No evidence that loan was repaid in cash-Penalty not imposable. [S. 269SS, 269T] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-60399","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fIb","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=60399"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60399\/revisions"}],"predecessor-version":[{"id":60400,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60399\/revisions\/60400"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=60399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=60399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=60399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}