other than account payee cheque/drafts had violated the provisions of
section 269T of the Act and the assessee was asked to explain the
reasons ... concluded that the assessee has committed default within the
meaning of section 269T of the IT Act and accordingly imposed a
penalty
cash in excess of Rs.20,000/- violated the
provisions of Section.269T of the Income Tax Act,1961. The gist of the Judgement ... cash to a
particular person violated the provisions of Sec.269T of the 1 T Act . Further, the
debenture, as per the Addl. CIT, itself
assessee
company Shri Varun Agarwal, in contravention of the provisions of Section
269T of the Act. Consequently, the AO initiated penalty proceedings u/s
271E ... cannot be treated as loan with
the meaning of Section 269SS and 269T . The assessing
Officer erred in treating reimbursement of Expenses
incurred
Sahakar Developers, so that there was also a
contravention of section 269T of the Act. Penalty u/s.271E , i.e., toward the default ... record.
3.1 The default of the relevant sections, being ss. 269SS and 269T of the Act, is
apparent. The question before us, however
271E of the
Act for violation of provisions of sec.269T of the Act on the ground
that the assessee did not satisfactorily explain ... report in form no. 3CD reported violation of the
provisions of section 269T of the Act in repayment of the loan taken from Mrs.
Meenaben
share application money in cash fall
within the ambit of section 269T of the Act. In all the aforesaid appeals, the grounds are
exactly identical ... share
application money in cash fall within the ambit of section 269T of the I. T. Act, 1961."
4. Since the issue is common
therefore issued a notice u/s.271E r.w.s.s 269T requiring it to show cause as
to why penalty u/s.271E ... assessee contended that there was no violation of
provisions of Section 269T. Without prejudice to this argument, the assessee
also submitted that if the amount
271E of the Income Tax Act for violating the
provisions of section 269T , holding that the transactions
between the assessee and M/s. Akshar Gems ... firm and
partners did not attract the provisions of section 269SS and
269T ,without appreciating the fact that the transactions have
been accounted
Sahara India Financial Corpn. Ltd., New ... vs Department Of Income Tax
IN THE INCOME TAX
which was delivered in the context of
provision of section 269T of the Act. Section 269T of the Act as
it stood at the relevant ... Delhi High Court observed that the provision of
section 269T were applicable only to 'deposits' and not to
'loan'. The court
