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2022 (5) TMI 1572 - AT - Income TaxPenalty u/s 271E - contravention of the provision of Section 269T - repayment of loan/deposits through account payee cheque or account payee drafts - whether assessment proceedings are necessary to levy penalty u/s 271E? - HELD THAT:- As relying on SHRI MANOHAR LAL THAKRAL [2011 (1) TMI 538 - PUNJAB AND HARYANA HIGH COURT] the impugned penalty under Section 271E is not permissible in the absence of regular assessment framed against the assessee by the Revenue. Hence, the same is not found to be sustainable in the eye of law and, thus, quashed. The appeal preferred by the assessee is, therefore, allowed.
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