cash contravening the provisions of Section
269T of the Act. The assessee has filed written submissions on 5.3.2018 and
explained the reasons for repayment ... with any other Banks and the
provisions of Section 269T of the Act shall not be applicable. The Assessing
Officer was not satisfied with
were initiated on the assessee for violation of provisions of section
269T of the Act. The following facts are not in dispute :-
a) The partner ... inference thereon except initiating penalty proceedings for
violation of provisions of section 269T of the Act. The ld AO levied penalty u/s 271E
action of the assessee is in
contravention of the provision of Section 269T and consequently penalty under
Section 271E of the Act to the entire ... been controverted by the Ld. D.R. Thus,
applicability of Section 269T and the consequent penalty under Section 271E
is not sustainable as argued
loan in cash by the assessee which attracts the
provisions of Section 269T and in turn Section 271E without ... assessee thus deserves to be exonerated from the
clutches of Section 269T r.w. Section 271E of the Act.
6. The order
mentioned that the assessee has violated the provisions of section
269T and attract the penal proceedings under section 271E ... Karthik Kethiwadi Bijkendra. Thus, the assessee has
violated the provisions of section 269T and attracts the penalty under section 271E .
For this, he made
reproduced hereunder:-
".......Repayment of loans in cash is covered by section 269T of Income
tax Act. The assessee is very near relative ... covered in this case. The assessee
agreed that only section 269T is partly covered in this case as the near
reproduced
hereunder:-
".......Repayment of loans in cash is covered by section
269T of Income tax Act. The assessee is very near
relative ... covered in
this case. The assessee agreed that only section 269T
is partly covered in this case as the near relative Mr.
Harish Bindal demanded
mode other than crossed
demand draft or cheque as prescribed in section 269T of the Act. Therefore,
the assessing officer has initiated penalty proceedings ... 271E in view of
the provision of section 269T of the act.
4. During the course of penalty proceedings, the assessee has failed to
explain
relation to ground No. 3 either under section
269T or section 40A(3) of the Act. In case of default under
the provisions of section ... 269SS , section 269T and section
271B of the Act, penalty is leviable under the sections 271D ,
271E and 271B of the Act respectively. The aforesaid
friends and relatives, genuineness of cash credit and applicability of Section 269SS/269T is required to be verified.
(e) Sales
