TMI Blog2007 (11) TMI 606X X X X Extracts X X X X X X X X Extracts X X X X ..... adras 'B' Bench 30-11-2006 made in ITA No. 975/Mad/2005 for the assessment year 2001-02. 2. The brief facts of the case as culled out from the statement of facts stated in the memorandum of appeal are as follows : The assessee-company is the manufacturer and seller of mineral water and has furnished the return of income for the assessment year 2001-02 on 22-10-2001 admitting a loss o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 's appeal. The revenue preferred an appeal before the Tribunal and the Tribunal has confirmed the order of the Commissioner (Appeals). The correctness of the same is now put in issue before this court by formulating the following question of law : 1. Whether on the facts and in the circumstances of the case the Tribunal is right in law in deleting the penalty under section 271D of the Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e proprietor of M/s Prasanna Agencies. It was the claim of the assessee before the lower authorities that the cash was received on account of sale as recorded in the books of accounts. The assessee had shown the same as trade credit. From the above, it is clear that the revenue has failed to establish that the amount received by the assessee was loan deposit within the meaning of section 269SS. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hdrawal of the money from the current account not be considered as a loan or advance. Further it was also found that the assessee filed a letter 29-9-1997, and in that letter he explained that the amount received from Mr. S.V.S. Manian had been shown as 'unsecured loan from directors' in the balance sheet. As per the Companies Act, under the Companies [Acceptance of Deposits] Rules, 1975, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the present casein all force. In the case on hand, it was not the case of the revenue that the assessee received cash as loan or deposit within the meaning of s. 269SS. The deposit and the withdrawal of the money from the current account not be considered as a loan or advance. A factual finding has been recorded by the Tribunal that the assessee claimed that the cash was received on account of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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