2017 (2) TMI 33

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..... Heard Shri Shubham Agrawal, learned counsel for the department and Shri Suyash Agrawal, learned counsel for the assessee-respondent. This appeal has been filed by the department under Section 260A of the Income Tax Act, 1961 against the order passed by the Tribunal dated 02.03.2005 for the assessment year 1998-1999. The questions of law sought to be answered are as under: "Whether on the fact .....

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..... by the Joint Commissioner of Income Tax, Range-6, Kanpur ignoring the fact that the violation of section 269T of the Act, by the assessee, is not mere venial or techincal but a well thought out manipulation after the end of the relevant financial year to manipulate income of group concern and evade tax thereon" The two things are clear. One that the assessee had taken a loan by way of a transfer .....

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..... n 276E are penal in nature and, therefore, must be strictly construed . Since the legislature specifically used the word 'deposit' in contradistinction to the term 'loan', the provisions would only be attracted if the repayment has been made in respect of a 'deposit'. Since in the present case there is no doubt about the fact that the payment had been made toward a loan, s .....

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