view that the assessee had
violated the provisions of Sec. 269SS and Sec. 269T of the I.T Act,
referred the matter to the Additional ... conviction that the assessee by contravening the provisions of Section
269SS and Section 269T of the I.T Act, had thus rendered itself liable
levied by
1
the AO u/s. 271E of I.T. Act for violation of provisions of Section 269T ... defined in section
617 of the Companies Act, 1956
(e) other notified institutions
6. There are also consequences of contravention of section
269T . Section 271E
under
section 271E of the Act on the ground that assessee has
contravened the provisions of section 269T of the Act.
5. The facts ... penalty
under section 271E of the Act should not be levied for violation
of provisions of section 269T of the Act. The assessee submitted
cause notice for levy of penalty u/s.
271E of the Act for violating the provisions of Section 269T of
the Act.
2.1. In response ... established the reasonable cause for violation of the provisions
of Section 269T of the Act. He relied upon various other
decisions to hold that
than by an account payee cheque/
bank draft. The provision of section 269T of the Act stipulates that no branch of a
banking company ... Therefore, AO noticed that
there was a violation of provision of section 269T of the Act in repaying the above
amount
Directors Smt. Jayanti
Jhawar in violation of provisions of section 269T of the Act. In response
to a query raised by the AO, the assessee ... levy of penalty u/s 271E by the AO of Rs.1,12,500/- for violation of
provisions of section 269T is found
which was imposed upon u/s 271E for violation of
section 269T.
2. The facts in brief are that Assessee Company is engaged ... with regard the issue of
violation of section 26955, which is similar to the provision of
section 269T, no penalty can be levied, whether liability
penalty under Section 271D and 271E of the Income Tax Act 1961 for the
alleged violation of Sections 269SS and 269T ... consequent levy of penalty
under section 271E of the Act. The provisions of sections
269T is similar to that of 269SS. Section 269T reads
section 271D for violation of section
269SS cannot be sustained and accordingly the same is cancelled.
ITA No. 694/Bom./2001 - penalty under section 271E ... Therefore, the levy of penalty under section 271E for the year under
consideration for alleged violation of section 269T for the repayment of
loan
clearly establish the fact
of non applicability of the provisions in section 269T of the
Act, thereby vitiating his action in relation thereto ... that
there was reasonable cause in the violation of provisions of Section
269T of the Act. Therefore the issue that requires for adjudication is
whether
