INCOME TAX : Where assessee transporter had declared that cash receipts by way of loan was received from family members to meet business exigencies of payment to drivers and other business associates to enable him to ply trucks having regard to nature of business of assessee and ground realities, such explanation appeared plausible, penalty imposed under sections 271D and 271E by competent authority was to be set asideINCOME TAX : Where assessee transporter had declared that cash receipts by way of loan was received from family members to meet business exigencies of payment to drivers and other business associates to enable him to ply trucks having regard to nature of business of assessee and ground realities, such explanation appeared plausible, penalty imposed under sections 271D and 271E by competent authority was to be set asidewww.taxmann.com Latest Case LawsRead More
