Assessee can’t escape from Sec. 271D penalty by depositing from cash loan in bank a/c on same day; SLP dismissed

INCOME TAX : SLP dismissed against High Court ruling that where director of assessee-company obtained cash in excess of Rs. 20,000 as loan from a financier and deposited same in cash in bank account of company, merely because director took cash loans from financier and deposited it in current account of assessee-company on very same day and assessee utilized it to pay salaries

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000197918/assessee-can’t-escape-from-sec-271d-penalty-by-depositing-from-cash-loan-in-bank-ac-on-same-day-slp-dismissed.aspx