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2016 (10) TMI 636 - ALLAHABAD HIGH COURT

2016 (10) TMI 636 - ALLAHABAD HIGH COURT - TMI - Penalty u/s.271D - violation of Section 269SS - adjustments through journal entries - Held that:- The assessee filed copies of account of three companies as appearing in the books to demonstrate that the amounts, which were transferred to these three companies were transferred by way of account payee cheques and, therefore, the Tribunal came to the conclusion that it could not be said that the assessee had accepted loan or deposit in contravention .....

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Hon'ble Bharati Sapru And Hon'ble Vinod Kumar Misra, JJ. For the Appellant : R.K. Upadhyaya, S.C. For the Respondent : R. R. Agrawal, Suyash Agrawal ORDER Heard Sri Krishna Agrawal, learned Counsel for the department and Sri Suyash Agrawal, learned Counsel for the assessee. This is an appeal filed by the department under Section 260A of the Income Tax Act for the assessment year 2001-02. The substantial questions of law referred to are hereunder : - "1. Whether on the facts and in .....

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rightly imposed by the Addl. Commissioner of Income Tax Range-6, Kanpur? 2. Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was correct in confirming the order of Ld. CIT (Appeals) canceling the penalty amounting to ₹ 2,61,98,500/- imposed by the Addl. Commissioner of Income Tax Range-6, Kanpur, without properly appreciating the fact that in the present case money has been accepted otherwise than by crossed cheque/bank drafts and, as such, there .....

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