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2018 (2) TMI 603 - HC - Income TaxPenalty u/s 271D - failure to comply with Section 269SS - reasonable cause u/s 273B for entering into such transactions through journal entries - Tribunal holds that the failure to comply with Section 269SS was on account of reasonable cause on the part of the respondents - Held that:- In the present facts, the period during which the journal entries were made by the respondents was in the previous year relevant to the Assessment Year 200910 i.e. Financial Year 200809. At that time, the decisions of the Tribunal in the cases of Triumph International (2012 (6) TMI 358 - BOMBAY HIGH COURT). wherein held that deposits / loans received through journal entries do not fall with the mischief of Section 269SS, were holding the field. Thus, not in breach of Section 269SS of the Act While agreeing with the submission of Mr. Mohanty, learned Counsel for the appellant that the decision of this Court in Triumph International Finance (supra) has only clarified / stated the position as always existing in law, the receiving of deposits / loans through journal entries would certainly be hit by Section 269SS of the Act. - Decided in favour of assessee
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