pertinent to note that the provisions of
sec.269SS and 269T of the Act are inserted to remove the
mischief of tax evasion in cash ... estate, it is proposed to amend the provisions of section 269SS and 269T
of the Income-tax Act so as to prohibit acceptance
estate, it is proposed to amend the provisions of section 269SS
and 269T of the Income-tax Act so as to prohibit acceptance ... been provided in the section.
Similarly, the existing provisions contained in section 269T of the
Income-tax Act provide that any loan or deposit shall
erred in alleging that the appellant has violated the provisions of Section
269T of the Act and therefore liable for penalty under section 271E ... 271E being
independent of assessment proceedings, non-consideration of provisions of
section 269T in the assessment order have no bearing on assessed income and
assessed
deals with penalty for failure to comply with the
provisions of s. 269T of the Act. Be it stated that s. 269T ... 271E. Penalty for failure to comply with the provisions of s.
269T .-(1) If a person repays any loan or deposit or specified
advance referred
estate, it is proposed to amend the provisions of
section 269SS and 269T of the Income-tax Act so as to
prohibit acceptance ... been provided in the section. Similarly, the
existing provisions contained in section 269T of the Income-
tax Act provide that any loan or deposit shall
estate, it is proposed to amend the provisions of
section 269SS and 269T of the Income-tax Act so as to
prohibit acceptance ... been provided in the section. Similarly, the
existing provisions contained in section 269T of the Income-
tax Act provide that any loan or deposit shall
violation of provision of Section 269T
of the Act.
2. The facts in brief as culled out from the order of the authorities below ... Modes of repayment of certain loans or
deposits as prescribed u/s. 269T of the Act. The Ld. PCIT was of the
opinion that violation
account payee cheque/draft or electronic mode, thereby attracting provisions
of section 269T . The assessee had repaid a loan in cash as under:
o Lender ... Accordingly, penalty proceedings u/s. 271E read with section 269T were
initiated, and show cause notice was issued on 25.08.2021. The assessee
initially
with the imposition of penalty for the breach
of Sections 269SS and 269T. In that context, it was held as follows:
“23. A close scrutiny ... 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
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
