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TMI Blog2016 (11) TMI 876X X X X Extracts X X X X X X X X Extracts X X X X ..... f the company Shri Om Prakash Kanungo through account payee cheque, who in turn returned this amount to the assessee-company through journal voucher entry. Thus the repayment is made by account payee cheque although in the name of one of the Directors of the assessee-company, Shri Om Prakash Kanungo by Shri R.Bhaskaran. We find that there is a reasonable cause rather the payment is through account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e was levied by the Addl.CIT, Range 5(2), Mumbai u/s 271E of the Act vide his order dated 19.03.2013. 2. Briefly stated facts are that the assessee-company has advanced a sum of ₹ 15,00,000 to Shri R.Bhaskaran in earlier years in its normal course of business. During the course of assessment proceedings, the Assessing Officer noticed that the assessee-company has passed a journal entry de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eet for assessment year 2004-2005 evidencing therein advance payment given to Shri R.Bhaskaran, being duly reflected this amount. The assessee claimed that this advance payment was given for indented business deal by the assessee-company to Shri R.Bhaskaran amounting to ₹ 15 lakh, which could not materialize and the said advance payment has been returned by him in assessment year 2005-2006 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... visions of section 269T of the Act for repayment of cash loan. Aggrieved, assessee preferred appeal before the CIT(A), who also confirmed the action of the A.O. on similar reasoning. 3. We have considered the facts in entirety and find that the assesseecompany has advanced a sum of ₹ 15 lakh in assessment year 2004-2005 in its normal course of business, which could not materialize. Shri R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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