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2010 (12) TMI 865 - AT - Income TaxPenalty u/s 271D - assessee had received an amount of loan of Rs.26,16,588/- from M/s. Nakshatra Software Pvt. Ltd. and a loan of Rs.9,99,97,540/- from M/s. Panther Ind. Product Ltd., otherwise than by Account Payee Cheque or Draft in violation of Section 269SS - CIT(A) himself has followed the Coordinate Bench decision in assessee's own case for A.Y. 1999-2000, the extract of which was mentioned in his order - There are number of orders on this issue as submitted by the learned counsel for the assessee and in all the cases it is felt that provisions of section 269SS/271D are not warranted when the amounts are received by way of journal entries in the books of account - Decided in favour of the assessee
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