Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (7) TMI 486 - HC - Income TaxPenalty u/s 271E - Advances repaid by assessee - Contravention of Section 269T - Whether the Appellate Tribunal has substantially erred in holding that advances against the booking of shops and offices is not deposit within the meaning of section 269SS and 269T - Held that:- amount of returned by the assessee to various parties was by of advance and the assessee also reflected the said amount of advance received in its balancesheet, which came to be accepted by the Department in the earlier years, it is rightly held that section 269T of the Act would not be applicable and, therefore, no penalty under section 271E of the Act can be levied for breach of section 269T - No reason to interfere with the impugned judgment and order passed by the ITAT in confirming the order passed by the CIT(A) - Following decision of CIT vs. Rugmini Ram Ragav Spinners P.Ltd. [2007 (7) TMI 237 - MADRAS HIGH COURT] - Decided against Revenue.
|