2012 (5) TMI 131

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....al,D. Awasthi,G.Krishna,R.K. Upadhyay,S.Chopra   Heard Shri Shambhu Chopra, learned counsel for the appellants and Shri Suyash Agarwal, appearing for the respondent.   This is an appeal under Section 260-A of the Income Tax Act against the order of the Tribunal dated 16th July, 2002. The ground giving rise to this appeal relates to penalty under Section 271- E of the Act which w....

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.... law in deleting the same. 2- BECAUSE the assessee repaid the deposits in cash in contravention of the provisions of Section 269-T� of the Act and hence the penalty u/s 271-E of the Income Tax Act.1961 was rightly levied by the Assessing Officer and confirmed by the CIT(A) and the tribunal is not justified in deleting the same on the grounds of reasonable cause. 3- BECAUSE the tribuna....

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....sons from who the amount was received in cash. The detailed explanation filed by the assessee is placed in the paper book wherein it is clearly stated that all the four persons were residing out of Meerut and no bank account whatsoever was maintained by them. Therefore, the amount was received in cash and was repaid in cash. Genuineness of the amount was not doubted either by the AO or by the CIT(....

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....idered the cases laws relied by the Id. counsel for the assessee and found that they are in support of the case of the assessee. Therefore, in view of these facts and circumstances, I cancel both the penalties levied u/s 271-D and 271-E." From the materials brought on record it is clear that four persons namely Shri Karunesh Kumar, Shri Vinod Kumar, Shri Rakesh Kumar, Shri Ram Kripal were the a....