imposed by the Assessing
officer under Section 271D of the Income Tax Act,
1961?
2.2 Whether ITAT was correct in law in holding that ... cash is not
violation of section 269SS attracting penalty under
section 271D of the Income Tax Act, 1961?
2.3 Whether the decision
Tribunal was correct in law in
deleting the penalty imposed under Section 271D of the
Income Tax Act, 1961?"
2. The respondent assessee ... 269SS of the Act. Penalty of Rs.53,75,840/- under Section
271D of the Act was imposed.
3. In the first appeal, the Commissioner
imposed by the Assessing Officer under Section 271D
of the Income Tax Act, 1961 (for short „the Act‟).
3. By order dated 12th July ... deleting
the penalty of Rs.21,47,019/- levied under Section
271D of the Income Tax Act by holding that the
amount in issue
appeal filed by the
respondent-assessee and deleting the penalty under
Section 271D of the Income Tax Act, 1961?"
2. As we have heard ... March, 2009 had imposed penalty of Rs.10,70,000/-
under Section 271D of the Income Tax Act, 1961 (Act, for short). This
penalty
sister concern M/s. Muthoot M. George Bankers
that penalty u/s 271D was leviable in the case of cash
loans taken from sister concern ... cash. The Assessing
Officer initiated penalty proceedings under Section 271D of the Act and
imposed penalty of Rs. 18 lakhs. The Commissioner of Income
correct in deleting the
penalty imposed by the Assessing Officer under Section
271D of the Income Tax Act, 1961 in respect of journal
entries said ... assessee?"
2. In the present case, penalty order under Section 271D was
passed in proceedings relating to assessment year 2001-02. The
allegation
additions running into crores of Rupees but
also levied penalties under Sections 271D & 271E . His
finding is neither based upon the noting
Appellate Tribunal ('Tribunal' in short) deletes penalty under Section 271D
of the Act, recording the following reasons:
"25. From the above ... additions running into crores of Rupees but also levied
penalties under Sections 271D & 271E . His finding is neither
based upon the noting
