2014 (12) TMI 848

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..... r, Advocate ORDER Sanjiv Khanna, J (Oral) The present appeal by the Revenue under Section 260A of the Income Tax Act, 1961 ('Act' in short) was admitted for hearing vide order dated 26.11.2007 on the following substantial question of law:- "Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal was correct in deleting the penalty imposed by the Assessing Office .....

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..... Ltd. It appears that the said payments were made by M/s Oswal Agro Mills Ltd. to enable the respondent assessee acquire shares of group companies and acquisitions were initially shown as investments. The assessee had also debited net interest of Rs. 21,775/- in the Profit and Loss A/c for the assessment year 2001-02 as due and payable to M/s Oswal Agro Mills Ltd.. The assessment order passed in t .....

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..... Commissioner of Income Tax vs. M/s Ruchika Commercials and Investment Pvt. Ltd., we had the occasion to deal with the question whether Section 269SS is violated if there is a book entry through journal and when there is no actual payment in cash, and it has been held that the said provision would not be violated. In the said decision we had relied upon another decision of the Delhi High Court in C .....

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