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TMI Blog2016 (10) TMI 636X X X X Extracts X X X X X X X X Extracts X X X X ..... nies were transferred by way of account payee cheques and, therefore, the Tribunal came to the conclusion that it could not be said that the assessee had accepted loan or deposit in contravention of the provisions of Section 269SS as no cash had been accepted by the assessee. Since there was no payment in cash either by the assessee or on its behalf it could not be said that there was any viol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was legally justified in confirming the order of Ld. CIT (Appeals) canceling the penalty amounting to ₹ 2,61,98,500/- imposed by the Addl. Commissioner of Income Tax Range-6, Kanpur, without properly appreciating the fact that in the present case money has been accepted otherwise than by crossed cheque/bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have heard learned Counsel on both sides and perused the order of the Tribunal. While considering the matter, the Tribunal has taken into account the facts of the case which were not disputed that the assessee-company had to pay certain sums on account of transactions of shares of M/s Oswal Agro Mills. Ltd. to three companies. It is recorded in the order of the Tribunal that the assessee filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsaction of loan or deposit by way of entries in the books of account by crediting or debiting the account of the other person. In other words, the provisions of section 269SS of the Act, according to us, are not attracted when there is an acknowledgement of debt by passing entry in the books of account and there is no transfer of money in cash from one person to another person by way of loan or d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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