2011 (4) TMI 1302

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..... he Tribunal dated 1st May 2009, raising following question for our consideration :- "Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by CIT [A] in deleting the penalty of ₹ 60,97,000/= levied u/s. 271E, for violation of provisions made u/s. 269T of the Act ?" It can be seen from the question itself that the issue pertains to levy of penalty u/s. 2 .....

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..... ion is shown several years after the initial acceptance of the money in cash. The Assessing Officer thus rightly believed breach of Section 269T of the Act. We, however, find that the CIT [A] in its Order observed that there is no dispute regarding genuineness of the transactions, and the source of funds are proved and are not doubted. It was further observed that the sale and purchase were cance .....

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..... roperties cannot be regarded to be transactions for receiving or advancing the loan. We find that CIT [A] as well as Tribunal found on facts that the amounts received on sale of flats cannot be regarded to be transactions for receiving or advancing the loan, the same did not breach Section 269T of the Act. In the result, no substantial question of law arises. Tax Appeal is dismissed.
Case law .....

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