TMI Blog2009 (7) TMI 116X X X X Extracts X X X X X X X X Extracts X X X X ..... -tax (Appeals), vide order dated December 1, 1993, had held that the aforesaid amount had been taken as advance from M/s. Babu Ram Ganga Ram against subsequent purchase of pulses made from the assessee respondent. From the order of the Tribunal, we find that against advance of Rs. 1 lakh, pulses worth Rs. 1,02,957 have been supplied to M/s. Babu Ram Ganga Ram, Suriyawan, Varanasi, on various dates ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the amount of Rs. 1,00,000 is nothing but advance taken by the assessee and the provisions of section 269SS do not apply to the facts of the case ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in deleting the penalty under section 271D of the Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peals), Varanasi, vide order dated March 16, 1993, which has been upheld by the Tribunal. 4. We have heard Sri R. K. Upadhyaya learned counsel for the Revenue and Sri S. K. Garg learned counsel for the respondent-assessee. 5. The learned standing counsel submitted that as the assessee had received a sum of Rs. 1,00,000 on different dates in cash from M/s. Babu Ram Ganga Ram, Suriyawan, Var ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... am Ganga Ram, Suriyawan, Varanasi, on various dates which also substantiates that the amounts in question were advanced towards future supply of goods. The provision under section 269SS of the Act is applicable only in case of loan or deposit and does not cover cash advance for purpose of goods in future. That being the position, in our considered opinion, the provisions of section 269SS is not ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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