2003 (1) TMI 46

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..... the Income-tax Appellate Tribunal is perverse on both law and merits?" - we are in complete agreement with the Tribunal that the provisions of section 269SS were not attracted on the facts of the case. Admittedly, neither the assessee nor IL & FS had made any payment in cash. The order of the Tribunal does not give rise to any question of law, much less a substantial question of law. - - - - - D .....

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..... Briefly stated, the facts giving rise to the present appeal are that the respondent-assessee, referred to as the "special purpose vehicle", was promoted by one Infrastructure Leasing and Finance Services Ltd. (for short, the "IL FS"), with 30 per cent. holding, to construct and operate a bridge on the river Yamuna on a build, own, operate and transfer basis. For undertaking the said project the .....

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..... assessee to the show cause notice, the Assessing Officer levied a penalty of Rs. 4.85 crores under section 271D of the Act on the assessee for alleged violation of the provisions of section 269SS of the Act. Aggrieved, the assessee preferred appeal to the Commissioner of Income tax (Appeals) but without any success. The assessee carried the matter in further appeal to the Tribunal. By the impugn .....

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