2002 (3) TMI 8

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..... evenue has filed this appeal under section 260A of the Income-tax Act, 1961, against the order of the Income-tax Appellate Tribunal, Indore, dated August 22, 2001, whereby the appeal of the Revenue has been rejected. The brief facts material for deciding the said case, are mentioned hereinbelow. The respondent-assessee-firm raised loans from six parties amounting to Rs.2,15,000. These loans were .....

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..... nstead of paying the amounts by crossed account-payee cheques, the same were paid only by crossed cheques. Thus, the penalty imposed by the Deputy Commissioner of Income-tax was quashed. Feeling aggrieved by the said order, the Revenue preferred an appeal before the Tribunal. The Tribunal has rejected the appeal of the Revenue mainly on the ground that cheques were crossed and were deposited in th .....

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