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TMI Blog2016 (9) TMI 298X X X X Extracts X X X X X X X X Extracts X X X X ..... l consequences - evident from Section 271E. Whilst, strict construction is the norm, at the same time, we are not persuaded that the interpretation in Worldwide Township in any manner deviated from the text of the Statute. - ITA 618/2016 - - - Dated:- 22-8-2016 - MR. S. RAVINDRA BHAT MS. DEEPA SHARMA JJ. Appellant Through: Mr. Rahul Chaudhary, Advocate. Respondent Through: Mr. Art ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion. The amounts received were treated as deposit. After the booking of the developed land by APIL (which acquired all development rights), the amount payable in accordance with the agreement was adjusted with the deposits so retained at two stages. This was sought to be treated as violative of Section 269T. The ITAT affirmed the CIT (A) s decision firstly by referring to the Division Bench s deci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed into. 6.1 The ld. CIT (A) has considered the submissions viz-a-viz the agreements entered into by the assessee with APIL and has come to the conclusion that the provisions of section 269T were not attracted to the facts of the present case. The ld. CIT (A) has also observed that even on the basis of the nature of genuineness of transaction, circumstances of the case and the explanations pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Triumph International Finance (I.) Ltd. (2012) 345 ITR 270 (Bom). In Triumph International, the Bombay High Court adopted the strict and literal interpretation of Section 269T rejecting the argument that treatment of adjustment through book entries, carried out in the ordinary course of business would fall within the mischief of the provision. We are not persuaded with the said view and are o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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