section (1) of] [section 271, section 271A,
section 271AA] section 271B [section 271BA), [section 271BB],
section 271C [section 271CA] section 271D, section 271E,
[section 271F ... section 272A, sub-section (1) of section 272AA] or [section
272B or [sub-section (1) [or sub-section (1A)] of section 272BB
or] [sub-section
construed as loan attracting provisions of Sec.269SS of the Act
and therefore no penalty under section 271D could be levied.
9. The Income ... only a journal entry, the provisions of
section 269SS would not be attracted and penalty u/s 271D of
the I.T.Act cannot
order holding him guilty under Sections 269SS and 269T of the Income Tax Act, consequently, penalty under Sections 271D and 271E of the Income ... unable to exercise his discretion under Section 273B and accordingly imposed the penalty under Sections 271D & 271E of the Act. This finding has been
provisions of Section 269SS and
S,269T have no application.
7. The CIT(A) erred in confirming levy of penalty u/s 271D ... u/s 271E of Rs.53,84,815 for the assessment years 2006-07 and u/s
271D
section (1) of] [ section 271 , section 271A, [section 271AA,] section 271B [, section
271BA], [section 271BB,] section 271C, [section 271CA,] section 271D, section
271E, [section 271F ... 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
justified and not true. Before proceeding
further, the provisions of Sec. 269SS and Sec. 271D are
reproduced below:
Mode of taking or accepting certain loans ... prescribed and
therefore contravened the provisions of Sec. 269SS
which attracts penalty u/s 271D of the Act.
5. From the facts brought out above
Section 269SS of the Act were not violated. The ITAT accepted the
contention of the assessee that penalty order under Section 271D ... Section
275(1)(a) and clause (b) of Sub-section (1) of section 275 is
significantly missing from clause (c) of section
clause (b) of section 271, section 271A, section 271AA, section 271B, section 271BA, section 271BB, section 271C, section 271CA, section 271D, section 271E, section 271F ... section 272B or sub-section (1) or sub-section (1A) of section 272BB or clause (b) of sub-section (1) of section or clause
therefore, limited the argument to the constitutional validity of Section 269SS and Section 271D of the Act.
4. Mr. Gadodia, learned counsel for the petitioner ... submitted that if Section 269SS is held to be ultra vires Section 271D will also go along with it and conversely if Section 269SS
immovable property, whether or not the transfer takes place.
Section 271D . Penalty for failure to comply with the provisions of section 269SS ... deleting the penalty levied under section 271E for the assessment year 2008-09 as well as penalty under section 271D for the assessment year
