contravention of the modes of
repayment set out in Section 269T ? The argument advanced by the counsel for
the assessee that the bonafide transaction ... ordinary course of business
would not come within the mischief of Section 269T cannot be accepted,
because, the section does not make any distinction between
Supreme Court
while deciding the constitutional validity of Sec. 269SS/269T held
that the objects of these sections are to defeat the introduction of
unaccounted ... business associates
through journal entries shall attract the provisions of Sec.
269SS/269T. Even the old decision of Delhi High Court in the case
made any reference to either
violation of provisions of section 269SS or 269T and initiation of penalty
proceedings under section 271 D and section 271E ... account only and were not
repayment of to be covered under Section 269T of the lncome Tax Act, 1961 .
Accordingly, the penalties u/s 271D
bank draft in
contravention of the provision of section 269SS and 269T of
the Act,1961 and therefore, the assessee was liable for penalty
under ... deposits as genuine.
The breach of provisions of's. 269SS/269T (if any,),
occurred from a bona fide belief. Ex facie
that the intention of legislature while enacting the provisions of ss.
269SS , 269T , 27ID and 27IE was, as explained in Circular ... genuine then there is no violation of s.
269SS or 269T, as the case may be and consequently, there is no
justification for making penalty
account payee or any other mode provided in section 269SS &
provided
269T.
2. The Appellant prays that the order of the CIT(Appeals ... contravention off the provisions of section 269
269SS and 269T
respectively. The Ld. Assessing Officer observed that a loan of ₹ 5
M/s Redwood
having transactions through the bank as required
under sections 269SS and 269T are not related to the assessment
proceedings but are independent of it, therefore ... loan or deposits within
the meaning of section 269SS or section 269T, and on the ground that
limitation under section 275(1)(c) applies
this judgment, there were series of consistent decisions
on Sections 269SS and 269T of the Act holding that mere passing of
journal entries will ... accordingly, the same
were not in contravention of provisions of 269SS and 269T of the
Page | 8
ITA Nos.3037 & 3112 /Mum/2019
Sahajanand
account payee cheque, the assessee has contravened the provisions of
section 269T of the Act and so he issued a show-cause notice ... books of account is outside the ambit of
provisions of section 269T of the Act; and also brought to the notice of the
Assessing Officer
deals with penalty for failure to comply
with the provisions of Section 269T of the Act. Be it stated
that Section 269T ... thousand rupees or more. As in the case of Section 269SS ,
Section 269T of the Act also does not apply to the
Government, banking company
