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Commissioner of Income Tax-II, Kanpur Versus M/s Apex Finlease Ltd. C/O M/s M.L. Puri & Co.

2016 (10) TMI 636 - ALLAHABAD HIGH COURT

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 .....

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d been accepted by the assessee. - Since there was no payment in cash either by the assessee or on its behalf it could not be said that there was any violation of Section 269SS of the Act. Therefore, the penalty has rightly been deleted by the T .....

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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 appe .....

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ellate Tribunal was legally justified 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 i .....

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me 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 A .....

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ome Tax Act, for which penalty u/s 269SS was rightly imposed by the Addl. Commissioner of Income Tax Range-6, Kanpur ?" We have heard learned Counsel on both sides and perused the order of the Tribunal. While considering the matter, the Tribunal .....

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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 cam .....

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his very assessee was subject matter of another appeal in the case of Amber Finlease Ltd. in which the Tribunal considered the CBDT Circular No.387 dated 06.07.1984 and has observed in para no.12 as under:- "12...........We are of the considered .....

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