Commissioner Of Income-Tax vs Noida Toll Bridge Co. Ltd. on 28 January, 2003
Thus, we note in the present case, journal entries
were made by the assessee prior to the decision of the Hon'ble High Court in the
case of Triumph International Finance Pvt Ltd (supra), and such an action of the
assessee making the journal entry adjusting the loan in question can be noted to
be in line with the judicial precedent as laid down in CIT vs Noida Toll Bridge Co
Ltd (supra). Therefore, assessee bonafidely believed that such an action does not
attract section 269T of the Act. In such a scenario, we are of the opinion that
7
ITAs 3605/Mum/2019 & 259/Mum/2017
there was reasonable cause as per section 273B of the Act for non levy of penalty
under section 271E of the Act.