The Income Tax Appellate Tribunal (ITAT), Chennai has held that no penalty can be imposed for receiving advances from the promoters in cash through their respective current accounts. Assessee engaged in the business of real estate was served with a notice under Section 271D of the Income Tax Act by the Assessing Officer citing a […]
The post Advance Received from Promoters in Cash through Current Accounts not violation of S. 269SS: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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