Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2005 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (11) TMI 48 - HC - Income TaxPenalty u/s 271D and 271E - violation of sections 269SS and 269T - Commissioner of Income-tax (Appeals), deleted the penalty holding that the contravention alleged against the assessee did not result in any unaccounted transaction such as lending and repayment and that both lending and repayment were entered in the books of the assessee and the figure involved was meagre and that the same was incurred only for meeting the sudden demand of overdraft account. – Tribunal found that the order of the Commissioner of Income-tax (Appeals) is a well reasoned one and the same does not suffer from any infirmity requiring any interference - We hold that there is no reason whatsoever to interfere with the findings of the Tribunal that there was reasonable cause for the assessee not strictly complying with the provisions of section 269SS - Tribunal was right in holding that the penalty under sections 271D and 271E cannot be imposed for violation of sections 269SS and 269T
|