2013 (2) TMI 908

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..... d 13.4.2012. We may notice facts as arising in Tax Appeal No. 673/2012. Issue pertains to penalty under section 271D and 271E imposed by the Assessing Officer against the respondent assessee for alleged breach of provisions of section 269SS and section 269T respectively. In the present appeal following question has been framed: Whether the Appellate Tribunal is right in law and on facts in conf .....

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..... Special Audit Report these deposits have been treated as Deemed Sales and credited to P L Account and the Net Profit so determined as per Special Audit Report for No. II books has been confirmed vide this office appellate order passed in the case of the appellant firm on 11th September 2009. As the deposits have been treated as Income for taxation purposes there is no case of 271D even with res .....

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..... art of sales. This fact is also not disputed by Assessing Officer. We agree with the contention of the assessee, that once the booking advance has been assessed as undisclosed income by invoking provisions section 68, the same cannot be considered as deposit/loan in violation of section 269SS/269T. We are therefore, of the view that once the amount has been considered as income, the same cannot be .....

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