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2012 (11) TMI 747 - AT - Income TaxPenalty u/s 271D and 271E of the IT Act – alleged that as per details in the tax audit report, the assessee had accepted the loans and repaid the loans otherwise than by a crossed cheques or demand draft, contravening the provisions of Section 269SS and 269T of the IT Act - assessee submitted that all the receipts are through account payee cheques and adjustment rectification entries and later on journal entries have been passed – Held that:- Assessee furnished complete details of the transactions with the sister concern before the authorities below and explained that either the payments are made through account payee cheques or these are rectification journal entries in respect of wrong payments received from customers which pertained to the sister concern - assessee also filed complete entries of the accounts of both the concerns in support of the contentions on which remand report was called for and virtually the AO accepted the claim of the assessee in the remand report regarding journal entries between sister concern and entries of purchases and sales through account payee transactions - penalty is not leviable in the matter – in favor of assessee
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