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Principal Commissioner of Income Tax Versus M/s. Jammu & Kashmir Bank Ltd.

2017 (8) TMI 619 - JAMMU AND KASHMIR HIGH COURT

Penalty u/s 271E - violating the provisions of Section 269T - genuineness of the transaction - proof of intentional violation - Held that:- The Tribunal has relied on a decision of Punjab & Haryana High Court in the case of CIT v. Saini Medical Store .....

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recorded a finding that the assessee has shown reasonable cause for making the payment in cash exceeding ₹ 20,000/-. The aforesaid finding is purely a finding of fact, which is based on sound reasoning. - Decided against revenue. - ITA No. 7/ .....

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We have perused the records. 3. In this appeal preferred under Section 260A of the Income Tax Act, 1961, the revenue has assailed the validity of order dated 17.12.2015 passed by the Income Tax Appellate Tribunal, Amritsar Bench (hereinafter referred .....

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the assessing officer on the respondent for violating the provisions of Section 269T of the Income Tax Act as the respondent has made the repayment of deposits to various depositors in cash through various branches. The aforesaid order was upheld by .....

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ness of the transaction and has imposed the penalty as the repayment was made by the assessee in violation of Section 269T of the Income Tax Act. It was further held that in respect of similar violations in assessment year 2006-07, the Commissioner I .....

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