levy of penalty under Section 271D or under Section 271E for venial violation, if any, of Section 269SS or 269T would be draconian in nature ... learned Dy. CIT as falling within the purview of Section 269SS or Section 269T did not really attract the provisions of either Section 269SS
cannot be levied in a
mechanical manner. The provisions of section 269SS and section
269T are not applicable where transaction is between sister
concerns ... journal entries was in contravention of the provisions of
Sec. 269SS and Sec. 269T is concerned, we are in agreement with
the view therein taken
Bench was drawn to the language of Section 271 and Section 273 and that of Sections 271D and 271E . Whereas in the former, there ... Section 271D or Section 271E . The said sections merely noted the failure of a person to comply with the provisions of Sections 269SS and 269T
under section 271D read with section 269SS for the assessment years 1995-96 and 1996-97 and under section 271E read with section 269T ... case provisions of section 271D read with section 269SS are not applicable.
As regards the violation of provisions of section 269T , it was explained
that satisfaction on the violation of the section 269SS and
section 269T are to be recorded only in the assessment order and
according ... meaning of section 269SS of the Act since the
definition of the deposit will have same character as is given in
section 269T
proceedings under section 271E of the Act against the assessee. The JCIT issued as how-cause notice under section 274 read with section 271E ... supra), the competent authority imposed the penalty under section 271E for contravening the provisions of section 269T of the Act. In the said case
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
