TMI Blog2009 (10) TMI 462X X X X Extracts X X X X X X X X Extracts X X X X ..... ? held that- in view of the finding to the effect that the transaction was bona fide and the default was of technical nature the cancellation of penalty was justified. - 361 of 2009 (O&M). - - - Dated:- 22-10-2009 - ADARSH KUMAR GOEL, GURDEV SINGH JJ. Vivek Sethi for the appellant. JUDGMENT The judgment of the court was delivered by Adarsh Kumar Goel J.- This appeal has been pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l, the Commissioner of Income-tax (Appeals) upheld the stand of the assessee that the amount received was not loan or deposit and no interest was payable. It was further held that the transaction was bona fide and default was of technical nature and in any case, the amount was received from the public and not from directors or shareholders. The Tribunal affirmed the said view. Reliance was placed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uld have been held to be loan or deposit, as held in Bhalotia Engineering Works Limited [2005] 275 ITR 399 (Jharkhand). 6. We do not find any merit in the contention raised. The finding to the effect that the transaction was bona fide and the default was of technical nature which did not justify levy of penalty is not shown to be, in any manner, perverse or unreasonable. 7. No substantial ques ..... X X X X Extracts X X X X X X X X Extracts X X X X
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