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2014 (12) TMI 850 - HC - Income TaxDeletion of penalty u/s 271D – Whether Section 269SS is violated if there is a book entry through journal and when there is no actual payment in cash - Held that:- The Tribunal rightly was of the view that penalty cannot be imposed u/s 271D on the ground that merely passing a journal entry would not lead to violation of Section 269SS of the Act as there was no transfer of money - There was no cash transaction - the decision in Commissioner of Income Tax vs. Noida Toll Bridge Co. Ltd. [2003 (1) TMI 46 - DELHI High Court] followed - in view of the language of Explanation to Section 269SS, it has been held that the provision would apply to loan or deposit of money, and not mere formal entries resulting in debit or credit –thus, the order of the Tribunal is upheld – Decided against revenue.
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