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TMI Blog2009 (12) TMI 682X X X X Extracts X X X X X X X X Extracts X X X X ..... against the order of the learned Commissioner of Income-tax (Appeals)-XVI, New Delhi, dated 27-2-2009, for the assessment year 2003-04. 2. The only ground raised by the revenue reads as under : "On the facts and in the circumstances of the case and in law, the learned Commissioner of Income-tax (Appeals) erred in law deleting the penalty of Rs. 7,23,470 imposed under section 271E of the Act." 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received unsecured loans of Rs. 28,84,485 in the financial year 2001-02 and in the present year, the same is reclassified as advance from customers and out of opening balance of Rs. 13.26 lakhs, the assessee has repaid Rs. 7,23,470 to 12 parties in cash on various dates during 4-1-2003 to 7-3-2003. The Assessing Officer imposed penalty of Rs. 7,23,470 under section 271E of the Income-tax Act. Bein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd that in the penalty order passed by the Assessing Officer under section 271E of the Act, an office note is also appended by the Assessing Officer and in the said note, it is noted by the Assessing Officer that the assessee has received unsecured loan of Rs. 28.84 lakhs during the financial year 2001-02 relevant to the assessment year 2002-03 and the same were carried forward to the year under c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orities below, we are in agreement with the learned Commissioner of Income-tax (Appeals) on this aspect that it is not a repayment of deposit. Since the amendment with effect from 1-6-2003, no penalty is-imposable in the present case under section 271E because the repayments are during January, 2003 to March, 2003 of unsecured loans/advances from customers and not of any deposit and hence there is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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