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Pr. Commissioner of Income Tax-6 Versus Nirman Overseas Pvt. Ltd.

2016 (9) TMI 298 - DELHI HIGH COURT

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 disc .....

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Statute. - ITA 618/2016 - Dated:- 22-8-2016 - MR. S. RAVINDRA BHAT & MS. DEEPA SHARMA JJ. Appellant Through: Mr. Rahul Chaudhary, Advocate. Respondent Through: Mr. Arta Trana Panda, Advocate. O R D E R The Revenue is aggrieved by an order of the .....

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aid 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 .....

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eposit. After the booking of the developed land by APIL (which acquired all development rights), the amount payable in accordance with the agreement was adjusted with the deposits so retained at two stages. This was sought to be treated as violative .....

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e 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 r .....

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or the assessee. The assessee has tendered explanation in regard to the transactions and the circumstances in which the transactions were entered into. 6.1 The ld. CIT (A) has considered the submissions viz-a-viz the agreements entered into by the as .....

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es of the case and the explanations provided by the assessee, penalty u/s 271E cannot be imposed. XXX XXX XXX 11. The ld. AO levied penalty u/s 271E of the Act for alleged violation of provisions of section 269T of the Act only on the basis that the .....

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of the present case. We, therefore, do not find any infirmity in the order of the ld. CIT (A). Accordingly, the grounds raised by the Revenue stands dismissed. The Revenue contends that a question of law arises and relies upon the judgment of the Di .....

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