TMI Blog2011 (12) TMI 126X X X X Extracts X X X X X X X X Extracts X X X X ..... 1st June, 2002). Further, no payment by way of cash was made but book adjustments were made.- Decided in favor of assessee. - IT APPEAL NOS. 1276 & 1277 of 2011 - - - Dated:- 13-12-2011 - SANJIV KHANNA AND R.V. EASWAR, JJ. Ms. Suruchi Aggarwal for the Appellant. ORDER C.M.No.22399/2011 in ITA 1276/2011 C.M.No.22408/2011 in ITA 1277/2011 1. These are applications for condonation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing in the books and, therefore, provisions of Section 269T were not attracted. It was held by the Assessing Officer that the auditor's report enclosed with the return clearly stated that the payments were not made by account payee instruments and, therefore, there was violation of Section 269T. 3. Commissioner of Income Tax (Appeals) and the tribunal have held that the payment under the Golden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome Tax (Appeals). The aforesaid bonds were in nature of optional fully convertible debentures. The subscribers to these bonds had option to redeem them on expiry of 38 months or 58 months from the date of allotment. The subscribers could apply for conversion of two bonds into one fully paid equity share of Rs. 10 at a premium of Rs. 190/- each, provided that such an option was exercised at appr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... market value of such immovable property." 7. Reference was also made to the definition of term "debentures" given in Section 2(12) of the Companies Act, 1956, which reads as under:- "2(12) "debentures" includes debenture stock, bond and any other securities of a company, whether constituting a charge on the assets of the company or not;" 8. On reading of the two provisions, it has been right ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the ambit and scope of Section 269T to cover repayment of loans. This amendment, however, is with effect from 1st June, 2002. The assessment years in question are 1999-2000 and 2000-2001. The repayments in the present cases, it is admitted, were made before 1st June, 2002. 11. In view of the aforesaid discussion, we do not find any merit in the present appeals and the same are accordingly dis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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