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2011 (1) TMI 538 - HC - Income TaxPenalty proceedings u/s 271E - contravention of provisions of section 269T for repaying loan - whether assessment proceedings are necessary to levy penalty u/s 271E - The return of the assessee was processed u/s 143(1)(a) of the Income-tax Act, on 31.12.2003. Notice u/s 274 read with 271E of the Act was issued to the assessee on 12.06.2007 - It being a case of processing the return of income, there is no finding in the AO's order with regard to the applicability or otherwise of section 269T of the IT Act to the assessee's case. Relying upon Delhi High Court judgment in Commissioner of Income Tax v. Standard Brands Ltd.(2006 -TMI - 9804 - DELHI High Court ), the Tribunal further observed that action for penalty may be permissible only after regular assessment has been framed and since no regular assessment order had been passed in this case, the recourse to penalty proceedings under Section 271E were not justified - Accordingly, the appeal is dismissed.
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