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TMI Blog2014 (12) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... would not lead to violation of Section 269SS of the Act as there was no transfer of money - There was no cash transaction - the decision in Commissioner of Income Tax vs. Noida Toll Bridge Co. Ltd. [2003 (1) TMI 46 - DELHI High Court] followed - in view of the language of Explanation to Section 269SS, it has been held that the provision would apply to loan or deposit of money, and not mere formal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961? 2. The respondent assessee had received loans of ₹ 33,75,842/- and ₹ 20,00,000/- respectively on 06.06.1997 from M/s Shakuntla Export House Pvt. Ltd. and K.N.Bhalla. The Assessing Officer rejected the submission that the aforesaid amounts being mere book entries did not result in violation of Section 269SS of the Act. The contention that entry of ₹ 20,00,000/- involved ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Clothiers. 4. On further appeal, the assessee succeeded before the Tribunal by the impugned order. Penalty imposed under Section 271D of the Act in respect of book entry of ₹ 33,75,842/- in the name of M/s Shakuntla Export House Pvt. Ltd. has been deleted on the ground that merely passing a journal entry would not lead to violation of Section 269SS of the Act as there was no transfer of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has to be answered in favour of the respondent assessee and against the appellant revenue. The appeal is accordingly disposed of. ITA 597/2005 7. The second appeal bearing ITA No.597/2005 was admitted for hearing vide order dated 16.08.2005 on the following substantial question of law:- Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal was correct in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enalty was deleted by the Commissioner of Income Tax (Appeals) who held that the entry in question was a mere book entry and the respondent assessee had debited the account of K.N Bhalla and credited the account of M/s Quality Clothiers. 11. Aggrieved, Revenue preferred an appeal but the same has been dismissed by the Tribunal in the impugned order dated 27.10.2004. For the reasons set out in o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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