Corporate and Professional updates 15th March 2018
Direct tax Kolkata ITAT deletes penalty levied u/s 271E (for violating conditions u/s 269T by repaying loan other than through banking channels) for conversion of loan into equity by assessee-company during AY 2008-09; Holds that squaring-off loan by way of allotment of equity shares is a usual business practice and a part of routine corporate …