2017 (2) TMI 33

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..... t' and therefore, the provisions of Section 269T of the Act is clearly not attracted. - Decided in favour of assessee - Income Tax Appeal No. 325 of 2012 - - - Dated:- 12-1-2017 - Hon'ble Bharati Sapru And Hon'ble Vinod Kumar Misra, JJ. For the Appellant : SC, A.N.Mahajan For the Respondent : R.R.Agrawal,Suyash Agrawal ORDER Heard Shri Shubham Agrawal, learned counsel .....

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..... clarifactory in nature and has been made to remove any doubts in this regard that both loan as well as deposits are covered by the ambit of section 269T of the Income Tax Act, 1961 Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was correct in law in cancelling the penalty amounting to ₹ 1,95,50,000/- imposed by the Joint Commissioner of .....

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..... ver under the provisions of Section 269T of the Act for the year under consideration. Learned counsel for the assessee has relied on a decision of Delhi High Court in the case of Biadya Nath Plastic Industries (p) Ltd. and Others Vs. K.L. Anand, Income Tax Officer reported in 1998 AIR 522, wherein the Delhi High Court has held that the provision of 269T read with Section 276E are penal in natur .....

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