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2016 (9) TMI 298 - DELHI HIGH COURT

2016 (9) TMI 298 - DELHI HIGH COURT - TMI - Violation of the provisions of Section 269T - Held that:- Worldwide Township has propounded an appropriate interpretation to the provision consistent with appropriate business targets in the commercial world. Undoubtedly Section 269T is meant to discourage cash transactions and has penal consequences - evident from Section 271E. Whilst, strict construction is the norm, at the same time, we are not persuaded that the interpretation in Worldwide Township .....

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#8377; 4,80,71,518/- holding that it was repaid otherwise than by crossed cheque/bank draft, which is in violation of the provisions of Section 269T of the Act. The assessee had appealed to the Commissioner of Income Tax (Appeals) who accepted its contentions. The assessee had at the relevant time entered into agreements to sell its land to Ansal Properties and Infrastructures Ltd. ( APIL ) through intermediaries. The agreement shows inter alia acceptance of a lump sum financing for land acquisi .....

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R 433 (Delhi) and observed as follows:- 6. We have perused the orders passed by the authorities below and the paper book filed before us. It is observed that the ld. AO has not disputed the transactions, and has not observed any part of the amount to be unexplained money. It has nowhere been recorded in the penalty order that the transactions were undertaken with a view to avoid or evade payment of tax. Further there is nothing on record to suggest that the amount advanced by the APIL to the ass .....

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