assessee herself are squarely covered by the
provisions of Section 269T ?"
2. "Whether the learned ITAT is justified in treating
the "repayments ... society as exempt within the meaning of both the
proviso u/s section 269T ?"
The facts relevant for the purpose of deciding the present
section (2) of section 272A , sub-section (1) of section 272AA ] or
[ section 272B or] [sub-section (1)[or sub-section (1A)] of section
272BB ... section (1) of section 272BBB or] clause (b) of sub-
section (1) or clause (b) or clause (c) of sub-section (1)of section
section (1) of section 271 , section 271A , section 271AA ,
section 271B , section 271BA , section 271BB , section 271C , section
271D , section 271E , section 271F , section 271G ... section (1) or sub-section (2) of section 272A , sub-section (1)
of section 272AA or section 272B or sub-section (1) of section 272BB
violation by the assessee so far as provisions of section 269T of the Act
are concerned. In the assessment proceedings, the Assessing Officer ... legislature has enacted Section 273B which provides that no penalty
under Section 271 E shall be imposed for contravention of Section 269T if,
reasonable cause
under:-
'' Section 271E of the Income-tax Act, 1961 -Penalty- For failure to
comply with Section 269T - Where petitioner had failed to prove ... hence the penalty levied u/s
271E for violation of section 269T of the Act thereon is quashed
herewith. Accordingly the appeal of the assessee
violation of sec.
269SS of the Act and Rs.31.81 crores u/s 271E of the Act for violation of sec.
269T ... under section 271D for contravention of provisions of section
269SS and penalty under section 271E for failure to comply with
provisions of sections 269T
assessee company for initiating the penalty
proceedings for violation of Section 269T of the Act after
noting as under:-
I.T.A. No.2866 ... Total 7575000/-
These transactions are in contravention to the provision of section
269T as the funds have been transferred from loan accounts
without any account
view of section 2736 of the Act, penalty
under section 271 E could for contravened the provisions of
section 269T ... u/s 271E of the
Act, holding that he appellant has contravened the provisions of
section 269T of the Act without any reasonable cause
since there is no involvement
of money the provisions of Section 269SS and
Section 269T are not attractive. In this context ... view of section 273B of the Act, no penalty
under section 271E could be imposed for
contravening the provisions of section 269T
Officer levied penalty under
section 271E deals with "penalty for failure to comply with
the provisions of section 269T ". Section 271E ... section 273B of the Act, we find that the belief of the assessee
that return of advance from customers is not prohibited by section
269T
