Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2005 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (5) TMI 32 - HC - Income TaxPenalty proceedings under sections 271D and 271E - As per the case of the Revenue, the provisions of sections 269SS and 269T of the Act had been violated as the assessee had made payments in cash - Tribunal has recorded a finding that the funds were not available for meeting day-to-day expenses, therefore, loans were taken in cash and when the funds were available, the same were returned in cash accordingly. The assessee is running a school for deaf and dumb children/persons and meets all its expenses from donations or grants - Tribunal came to the conclusion that there were no mala fides on the part of the assessee and there was no intent of violating the law as such it accepted the explanation of the assessee. The provisions of sections 271D and 271E are penal provisions and their ingredients must be satisfied upon the strict construction. It is a settled principle of law that the finding of fact recorded by the Tribunal would not be disturbed by the High Court in an appeal under section 260A of the Act unless it was totally perverse
|