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2023 (6) TMI 723 - ITAT DELHIPenalty us 271D - Payment of Cash on behalf of Directors - Transactions are in the nature of loan or not? - contravention of the provisions of section 269SS - CIT-A deleted addition - HELD THAT:- Penalty was imposed by ignoring the fund flow statement submitted before income tax settlement commission by the M/s. Spaze Towers Pvt. Ltd., which has provided cash fund to the assessee and the ld. CIT(A) considered the same on the right prospective and by considering the order of M/s. K S Chawla & Sons [2019 (8) TMI 1413 - ITAT DELHI] and therefore the same may kindly be upheld.has categorically held that the order of Tribunal in other group cases on similar facts persuaded him to delete the penalty. CIT(DR) has not shown any contrary order or judgment by co-ordinate bench of Tribunal or Hon’ble High which may lead us to take a different view to support the penalty order. Hence we are inclined to hold that there is no ambiguity perversity or any valid reason to interfere with the findings arrived by the ld. CIT(A) and, thus, we uphold the same. Accordingly, grounds of revenue are dismissed.
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