9911796707
TMI Blog2003 (10) TMI 248X X X X Extracts X X X X X X X X Extracts X X X X ..... were credited by journal entries on account of payments made by the said company for and on behalf of the assessee-company and there was no actual receipt of money. The assessee has given this explanation to the AO and CIT(A) and considered by this relevant account entries and held that no deposit has been taken in violation of s. 269SS and our interference is not required. The learned counsel has drawn our attention to paper book filed by him at p. 10 and p. 12 in which Rs. 5,00,000 have been transferred from Ambuja Agro Industries Ltd. on 16th March, 1992. This amount was credited in the account of B.D. Agarwal Co. Therefore, our interference is not required with the order of the CIT(A). In the result, the Revenue's appeal is dismiss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceipt of money. Necessary documentary evidence was furnished in proof of the same before the Dy. CIT as well as before me. Provisions of s. 269SS are applicable when any loan or deposit is taken otherwise than by an account payee cheque or account payee bank draft. Loan or deposit as per Expln. (iii) to s. 269SS means loan or deposit of money. In other words, if the credit is for the amount of money received or accepted, only then the provisions of s. 269SS will be applicable and for the journal entry wherein no actual money is received, the said provisions to my mind, cannot be invoked. The enlargement of the meaning of 'deposit' by the Direct Tax Laws (Amendment) Act, 1987, so as to include deposit of any nature would also have no relevan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of all the transactions have been accepted by the Department. Both the sister concerns are existing assessees. It is also not in dispute that the funds were given for meeting urgent needs. The bona fides of the transactions in question had not been disputed at any stage of the proceedings since there was no material whatsoever on records giving any inkling of the transactions being of a dubious nature. There is no allegation against the assessee that any attempt has been made for introducing the unaccounted income in the form of such loans or deposits. On similar facts the Hon'ble Tribunal, Ahmedabad Bench, held such penalty to be non-leviable. This being a finding of jurisdictional Tribunal needs acceptance in the case of the appellant to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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