Search Results For: 271E


Chemfert Traders (Bombay) Pvt. Ltd vs. ACIT (ITAT Mumbai)

COURT:
CORAM: ,
SECTION(S): , , ,
GENRE:
CATCH WORDS:
COUNSEL:
DATE: February 18, 2015 (Date of pronouncement)
DATE: March 16, 2015 (Date of publication)
AY: 2003-04
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CITATION:
S. 271D/ 271E: If assessee's plea about compulsion to pay/ receive loans in cash is not disputed, the violation of s. 269SS/269T is deemed to be bonafide and does not attract penalty

It is also not mentioned in the penalty order that the aforementioned amount taken by the assessee in violation of section 269SS and repayment thereof in violation of section 269T was not bonafide transaction and the same was made with a view to evade tax

ACIT vs. M/s Vardaan Fashion (ITAT Delhi)

COURT:
CORAM: ,
SECTION(S): , ,
GENRE:
CATCH WORDS: ,
COUNSEL:
DATE: January 16, 2015 (Date of pronouncement)
DATE: January 19, 2015 (Date of publication)
AY: 2007-08
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CITATION:
S. 269SS: Loan & deposit by way of journal entries are not covered. Transactions between a firm and its partner are also not covered

In the books of the assessee, there is only a journal entry by debiting the account of some other party and crediting to the account of the creditor. In these circumstances, in our opinion, when there is no monetary transaction between the assessee and creditor, it cannot be said that assessee accepted loan or deposit from the creditor in violation of Section 269SS

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