2002 (3) TMI 8

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..... n 269SS of the Act could not be attracted. A further finding has been recorded that the bank has also issued a certificate in this regard that all the amounts of six creditors have been shown in the account of Makhija Construction Company, i.e., the assessee. The bank has further mentioned that all the six transactions in question were as per the banking norms and there was no flaw in the transact .....

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..... 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 not through account-payee cheques but were only through crossed cheques. Penalty proceedings were initiated by the Deputy Commissioner of Income-tax, Indore. In .....

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..... f 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 the account of the assessee-firm through banking channel. Consequently and in the result, the provisions of section 269SS of the Act could not be attracted. A furt .....

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