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2018 (5) TMI 1532 - AT - Income TaxLevy of penalty u/s 271D and 271E - violation of provisions of section 269SS and 269T - grant of stay - Held that:- The payer has issued cheque to the bank clearly mentioning the cheque no. and cheque amount and thereafter transaction happened between payer banker and the payee banker. Advancement in the banking system these type of RTGS payments are done electronically in order to get instant realization of the amount from the account of the payer to the account of the payee. This, in our considered opinion, is mere carrying on transactions in electronic mode through regular banking channel. Assessee has made out a prima facie case in its favour. AR also placed on record the present financial position wherein the assessee has got net overdraft limit as on 08.03.2018 to the tune of ₹ 18.34 crores. He also argued that the genuineness of the loans taken and loans repaid are not disputed by the revenue. We are inclined to grant stay of demand for a period of six months from today or till the disposal of the appeals by this Tribunal whichever is earlier.
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