No Penalty for loan taken in violation of section 269SS to meet business exigency

0 comments Thursday, September 22, 2011
Kolkata ITAT has held in the following case that loan taken in violation of section 269SS for payment made to meet business exigency like payment of salary to the employees forms a reasonable cause u/s 273B, hence no penalty can be levied in such case. It should be noted that if there is reasonable cause u/s 273B for violation of section 269SS or 269T then no penalty can be levied thereof. Reasonable cause means the reasons beyond the control of the assessee.
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