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TMI Blog2022 (5) TMI 1572X X X X Extracts X X X X X X X X Extracts X X X X ..... o the same assessee and the issue involved therein are identical. Thus, all are heard analogously and are being disposed of by a common order for the sake of convenience. ITA No. 458/Ahd/2020 (A.Y. 2011-12)(Assessee's Appeal) is taken as the lead case. 2. The brief facts leading to the case is this that the assessee, an agriculturist had taken loan from one Berna Gamni Seva Sahakari Mandli Ltd., a cooperative society. It is relevant to mention that the assessee is a member of the said cooperative society. However, out of the sales of the agricultural produce the assessee repaid those laons of Rs. 1,42,000/- during the assessment year under consideration in cash. 3. The Ld. AO was of the opinion that such action of the assessee is in con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... through account payee cheque or account payee drafts to M/s. Babyloan Builders Pvt. Ltd., Gurgaon and, therefore, penalty under Section 271E was leviable. 5. The Assessing Officer had levied the penalty amounting to Rs. 11,02,6107- which has been deleted by the Tribunal. The Tribunal while deleting the penalty recorded that the return of the assessee was processed as on 31.12.2003 and the notice u/s. 274 read with section 271E of the Act was issued on 12.06.2007. Such notice was issued when there was no proceedings pending before the Assessing Officer. Relying upon Delhi High Court judgment in CIT v. Standard Brands Ltd. [20061 285 ITR 295/155 Taxman 383, the Tribunal further observed that action for penalty may be permissible only after ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee were inter company transfer for group housing and purchase of flat and at times payments were made after closure of banking hours. It was further submitted that the payments made were genuine and no tax evasion was involved and the default, if any, was of technical nature. The explanation being plausible one, it cannot be said that there was no reasonable cause within the meaning of Section 273B of the Act. No substantial question of law arises in this appeal." 8. We find substances in the submissions made by the Ld. A.R. particularly after considering the order passed by the Hon'ble Punjab and Haryana High Court as cited hereinabove. In fact, on the identical set of facts the penalty under Section 271E was deleted by the Tribunal a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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