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2016 (11) TMI 876 - ITAT MUMBAI

2016 (11) TMI 876 - ITAT MUMBAI - TMI - Penalty u/s 271E - Held that:- The assessee company has advanced a sum of ₹ 15 lakh in assessment year 2004-2005 in its normal course of business, which could not materialize. Shri R.Bhaskaran repaid this advance, but it was paid in the name of one of the Directors of the company Shri Om Prakash Kanungo through account payee cheque, who in turn returned this amount to the assessee-company through journal voucher entry. Thus the repayment is made by a .....

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AM Appellant by : Shri Rajkumar Singh Respondent by : Shri Vikash Kumar Agarwal ORDER Per Mahavir Singh, JM This appeal by the assessee arising out of order of Commissioner of Income-tax (Appeals)-9, Mumbai in appeal No.CIT(A)-9/DCIT-5(2)/94/2013- 14 dated 04.11.2013. The assessment was framed by the ACIT, Circle 5(2), Mumbai for the assessment year 2005-2006 vide his order dated 12.12.2007 u/s 143(3) of the Income-tax Act, 1961 (hereinafter the Act ). The penalty under dispute was levied by th .....

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askaran. According to the A.O., the assessee has received this amount of ₹ 15 lakh from Shri R.Bhaskaran in cash and hence he violated the provisions of Section 269T of the Act, being repayment received in cash. Accordingly, he initiated penalty proceedings u/s 271E of the Act. The assessee before the Addl.CIT filed detailed reply stating that during assessment year 2004-2005, the assesseecompany has advanced a sum of ₹ 15 lakh to Shri R.Bhaskaran towards business deal. In support of .....

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he said advance payment has been returned by him in assessment year 2005-2006 only through account payee cheque in the name of Director of the assessee-company Shri Om Prakash Kanungo instead of paying back it directly to the assessee-company. The assessee filed complete particulars of account payee cheque given to Shri Om Prakash Kanungo by Shri R.Bhaskaran, in assessment year 2005-2006 and the details were available before the A.O. This fact is not disputed by either Revenue or assessee. Accor .....

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