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TMI Blog2014 (12) TMI 848X X X X Extracts X X X X X X X X Extracts X X X X ..... d if there is a book entry through journal and when there is no actual payment in cash - Held that:- Bona fides of the transactions and book entries were accepted by the Revenue – the provision would not be violated –mere book entries would not result in violation of Section 269SS and accordingly penalty u/s 271D cannot be sustained - there were mere book entries which had resulted in an amount b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Officer under Section 271D of the Income Tax Act, 1961 in respect of journal entries said to have been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the respondent assessee acquire shares of group companies and acquisitions were initially shown as investments. The assessee had also debited net interest of ₹ 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 the case of respondent assessee for the assessment year 2001-02 is also placed on re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt 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 Commissioner of Income Tax vs. Worldwide Townships Project Ltd. [201 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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