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Penalty consequences

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(Querist)
18 March 2014 What is the penalty if.. Loan amount included in turnover which is accepted n repaid through account payee cheque. ... assessee is a company
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
18 March 2014 Before anything detected by the assessing officer the same is offered for tax then there is no penalty provided proper tax has been paid
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
18 March 2014 but how was the loan received? cash or cheque?
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