Penalty justified if no reasonable cause for cash loan taken in contravention of Sec. 269SS : ITAT
The goods were not shipped either on 01-10-2007 or on 05-10-2007, i.e., on the dates on which the impugned loans were taken. The question of payment of customs duty etc., would arise only upon shipment or receipt of goods. In fact, the assessee admits that the goods were expected to be shipped on the second… Read More »