lakhs levied under Section 271D of the Act for violation of the provisions of Section 269SS when the assessee transferred the purchase price as sarafi ... penalty is not automatic under Section 271D of the Act on mere violation of the provisions of Section 269SS of the Act.
11. The Tribunal
Section
275(1)(a) and clause (b) of Sub-section (1) of section 275 is
significantly missing from clause (c) of section ... Officer levied a penalty under Section 271D of the Act for alleged violation
of the provisions of Section 269SS of the Act since the books
appeals is
whether penalty u/s. 271D/271E of the Act is attracted for contravening
the provisions of section 269SS/269T of the Act when ... imposing penalty upon the respondents under Section
271D of the Act for breach of Section 269SS of the Act.
This penalty was imposed inasmuch
holding that the transaction is covered by mischief of provisions of section 269SS. On facts and circumstances prevailing in the case and as per provisos ... appellant is not covered by mischief or provisions of section 269SS and consequently by mischief of provisions of section 271D of the Act. The penalty
certain limit, the penalties under Sections 271D and 271E were sustained by the CIT(A). The provisions of Sections 269SS and 269T read as under ... this regard. Hence, we hold that penalty under Section 271D for violation of Section 269SS are governed by Section
Section 289SS of the Act, considering the fact that the
provisions of Section 269T of the Act are analogous to the
provisions of Section 269SS ... levied by the
Assessing Officer under Section 271D of the Act in case of
violation of Section 269SS of the Act in respect
having held that the assessee had contravened the provisions of
section 269SS of the Income Tax Acl, 1961, ought to have upheld the levy ... view of section 273B of the Act,
no penalty under section 271E could be imposed for contravening the provisions
of section 269T
under section 271E
and penalty of Rs.2,84,12,090/- under section 271D. While levying
penalty u/s. 271D/271E the ACIT relied upon ... imposing penalty upon the respondents under Section 271D of the Act for
breach of Section 269SS of the Act. This penalty was imposed inasmuch
repayment were made in cash, thereby violating the provisions
of section 269SS and 269T of the I.T.Act. The Joint
Commissioner of Income ... violation of the provisions of
section 269SS and 269T of the I.T.Act, imposed penalty u/s
271D and 271E
Commissioner (Appeals) has confirmed the penalty under section 271D of Rs. 10,000 for violation of section 269SS of the IT Act.
2. The assessing ... section 271D of the Act of Rs. 10,000 which is 100 per cent of the loan taken in cash in violation of section 269SS
