TMI Blog2015 (11) TMI 1192X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Respondent : Shri P Dam Kanunjna, Sr. DR ORDER Per N K Saini This is an appeal by the department against the order dated 22.04.2013 of ld. CIT(A)-IV, New Delhi. 2. The only ground raised in this appeal reads as under: 1. That the Ld. Commissioner of Income Tax(Appeals) erred in law and on facts of the case in deleting the penalty imposed u/s 271D of ₹ 53,53,316/-. 3. Facts of the case in brief are that the assessee filed its return of income on 03.07.2009 declaring an income of ₹ 10,560/- and the assessment was completed u/s 153A/143(3) of the Income Tax Act, 1961 (hereinafter referred to as the Act) at ₹ 58,13,876/-. The AO noted that as per the accounts of M/s Mahagun Developers Ltd. i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ilding and other expenses by the tenant and value of air conditioners transferred. Therefore, there was no violation of the provisions of section 269SS of the Act and accordingly penalty levied by the AO u/s 271D of the Act was deleted. 6. Now the department is in appeal. The ld. DR supported the order of the AO but could not controvert the findings given by the ld. CIT(A). In his rival submissions the ld. Counsel for the assessee reiterated the submission made before the authorities below and further submitted that there was no receipt of loan or deposit in cash and only journal entries were passed. Therefore, the ld. CIT(A) was fully justified in deleting the penalty levied by the AO u/s 271D of the Act. The reliance was placed on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... whom monies are payable or debiting the account of a party from whom monies are receivable in the books of accounts, is clearly outside the ambit of the provision of Section 269SS of the Act, because passing such entries does not involve acceptance of any loan or deposit of money. In the present case, admittedly no money was transacted other than through banking channels. M/s PACL India Ltd. made certain payments through banking channels to land owners. This payment made on behalf of the assessee was recorded by the assessee in its books by crediting the account of M/s PACL India Ltd. In view of this admitted position, no infringement of Section 269SS of the Act is made out. CIT Vs Noida Toll Bridge Co. Ltd. : 262 ITR 260, relied on. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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