9911796707
TMI Blog2011 (8) TMI 523X X X X Extracts X X X X X X X X Extracts X X X X ..... the case of providing temporary accommodation to one sister concern to another sister concern it does not amount to transaction of loan or deposit and therefore, it is outside the purview of section 269SS of the Act. Levy of penalty is not justified - ITA No. 1349 of 2006 - - - Dated:- 22-8-2011 - Shri N. Kumar and Shri Ravi Malimath, JJ. Represented by: Shri E.R. Indrakumar and Smt. E. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt payment. There was no intention to avoid taxes. Both the firms are regularly assessed to income-tax. When it is the case of providing temporary accommodation to one sister concern to another sister concern it does not amount to transaction of loan or deposit and therefore, it is outside the purview of section 269SS of the Act. The assessing authority did not accept the said contention and found ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned counsel for the parties. 6. From the aforesaid material, it is clear that the deposits are received by one sister concern from another concern to meet the exigencies of the situation. It is not the case of borrowing of the loan or receipt of the deposit, as understood in taxation law. In fact only on five occasions the amount received is above Rs. 20,000, otherwise it is less than Rs. 20,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
