TMI Blog2017 (2) TMI 460X X X X Extracts X X X X X X X X Extracts X X X X ..... ord any such documents in the form of Paper Book before the Bench to support its averments made in written reply to the penalty notice rather preferred to be proceeded against ex-parte. So, in the given circumstances, we are of the considered view that to meet with the ends of justice, the matter is required to be restored to the ld. CIT (A) to decide afresh after providing an opportunity of being heard to the parties. So, the impugned order is set aside and consequently, the appeal is hereby allowed for statistical purposes. - ITA No.2866/Del./2013 - - - Dated:- 25-11-2016 - SHRI L.P. SAHU, ACCOUNTANT MEMBER and SHRI KULDIP SINGH, JUDICIAL MEMBER For The Revenue : Shri Vijay Verma, CIT DR ORDER PER KULDIP SINGH, JUDICIAL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Services Private Limited to the tune of ₹ 12,45,000/-, ₹ 50,35,000/- and ₹ 12,95,000/- respectively which have been transferred to share application money during the current AY 2009-10; and during FY 2009-10 the amount due to M/s. Narsi Oil Refinery Private Limited and M/s. Gunvardhan Vyapaar Private Limited has been repaid by the assessee company through account payee cheque and the balance of M/s. Fiscal Services Private Limited is still pending for payment in the books of assessee company; that the amount transferred by the assessee company from loan to share application money is not the repayment of the loans taken by the company and such transfer is merely the change in the nature of deposits and not in contravention ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the amount due to M/s. Narsi Oil Refinery Private Limited and M/s. Gunvardhan Vyapaar Private Limited has been repaid by the assessee company through account payee cheque during FY 2009- 10 and the balance of M/s. Fiscal Services Private Limited is still pending for payment in the books of the assessee company. 7. Ld. CIT (A) deleted the penalty imposed by the AO vide order dated 22.03.2012 by making following observations :- 3.4 I have considered the submissions of the AR and the penalty order. The provisions of section 269T are unambiguous in their wordings. There is a requirement that the amount should have been repaid to the person for invoking the provisions of section 269T. In the instant case there has been no actual payment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he instant case, there has been no actual payment of money by the assessee company and the amount received has only undergone change of nomenclature i.e. from unsecured loan account, the amount has been transferred to share application money account; two : that the money has been actually returned in subsequent years to first two parties through account payee cheques as mentioned in the assessment order and the amount in respect of M/s. Fiscal Services Private Limited is still pending for repayment by the assessee company. 9. No doubt, the assessee company has made categoric averments in its explanation filed during penalty proceedings that the amount due to M/s. Narsi Oil Refinery Private Limited and M/s. Gunvardhan Vyapaar Private Limi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... two parties through account payee cheques as mentioned in the assessment order , whereas no such findings are there in the penalty order. Assessee has not brought on record any such documents in the form of Paper Book before the Bench to support its averments made in written reply to the penalty notice rather preferred to be proceeded against ex-parte. So, in the given circumstances, we are of the considered view that to meet with the ends of justice, the matter is required to be restored to the ld. CIT (A) to decide afresh after providing an opportunity of being heard to the parties. So, the impugned order is set aside and consequently, the appeal is hereby allowed for statistical purposes. Order pronounced in open court on this 25th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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